"Card not present" fraud committed in the UK or overseas is on the up, the credit reports firm has said.
A type of credit scam known as "card not present" is on the increase, Equifax claimed today.
According to the credit reports provider, the recent conversion to chip and PIN, far from limiting the options of fraudsters, has instead led to many simply stealing card details and making transactions elsewhere. Generally, "card not present" fraud refers to crimes committed using stolen card details to buy goods and services on the internet or telephone.
Moreover, overall levels of credit card fraud are also on the rise since the switchover to the chip and PIN technology, with losses relating to the scams rising 25 percent to £535 million in 2007. Within these results, a 35 percent rise in "card not present" fraud and a 77 percent increase in scams committed overseas using stolen details were included.
Neil Munroe, external affairs director at Equifax, said: "The fraudsters haven't gone away. What they have done is they have found a weak point and what they have done increasingly is that they started to exploit what is commonly known as the card not present route."
He added: "Card not present fraud is still on the increase and is actually occurring more and more abroad where, for example, PIN systems are not in place. Fraudsters may take your information and use it abroad in countries where there is no PIN and use your card number to order goods and services over the phone or possibly over the internet."
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