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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

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.

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