Credit card fraud worth billions, study suggests - Credit cards - News - Moneyfacts


Credit card fraud worth billions, study suggests

Credit card fraud worth billions, study suggests

Category: Credit cards

Updated: 26/11/2008
First Published: 24/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Credit card customers are increasingly falling victim to fraud, research has shown.

Symantec has carried out a year-long study into the underground economy of the internet, finding that card numbers and bank account details have been on sale.

The former is the most popular item available - representing nearly a third of the items offered online.

And the security firm estimated that the fraud is worth a total of $5 billion (£3.3 billion) - based on multiplying the average amount stolen ($350) by the number of cards available.

Although Symantec recognised that many credit cards had been cancelled, the report stated: "These figures are indicative of the value of the underground economy and the potential worth of the market."

Last month UK payments association Apacs launched a campaign to advise consumers about the danger of credit card fraud and the steps they can take to avoid it.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Top credit cards for Christmas spending

‘Tis (just about) the season to be jolly, but before all that festive fun begins, chances are you’ve got a bit more shopping to do. But, if you’re turning to credit to fund things, you’ll want to use cards that offer 0% interest deals on purchases.

Spooky reality of high balance transfer fees

Credit card debt is scary at any time of year. While most might assume that opting for the longest deal on offer would save them the most, our data shows some of the longest deals can actually work out to be the most expensive.

Reward credit cards that become ‘pointless’

If you regularly use cards to pay at the till, you may have considered opening a reward credit card to earn points every time you spend. However, not all of these cards are as rewarding as they may seem…