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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

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…

It’s looking to be a credit Christmas

We are now less than 70 days away from Christmas, and with 70% of people admitting they haven’t started saving yet, millions will be needing to play catch-up - and plenty planning to turn to credit for some Christmas spending relief.

Can no credit score be as damaging as a bad one?

Debt is becoming an increasing problem, which is why those who have no credit commitments often feel pretty smug about it. However, while not relying on credit is admirable, having no credit score can actually be just as damaging as having a bad one.