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London Leads In CNP Fraud
Doug Caverly
Staff Writer
2006-09-07
 Insider Reports RSS Feed
London sounds like a great place -home to Buckingham Palace, the National Gallery, and the All England Lawn Tennis and Croquet Club, it is often simply referred to as "the City." London recently earned a title that is somewhat less admirable, though - Early Warning designated it the UK's "no. 1 credit card fraud hotspot."
"The latest figures from Early Warning for Cardholder Not Present (CNP) fraud show that Greater London had the largest number of fraudulent transactions in the past year," the article began. It then explained how the company arrived at this conclusion.
"Early Warning . . . produced a map that identifies the postcode areas from which the fraudsters operate. It is done by tracking the delivery addresses for fraudulently obtained goods - typically accommodation addresses and ‘dead letter boxes.' This is the only reliable method of mapping credit card fraud."
"We weren't surprised when we realised that London had come out on top of the fraudsters' league table," said Andrew Goodwill, the managing director of Early Warnings. However, "no single area of the UK is untouched by this problem." CNP fraud cost the UK about 183.2 million pounds last year (or $346.2 million, at the current rate of conversion).
The problem isn't going away, either - Early Warning's statistics indicate that CNP fraud will grow "at an exponential rate," according to Goodwill. "This is largely because the advent of ‘chip and pin' makes it far more difficult for criminals to get away with using stolen credit cards in the shops, so they are turning to other methods, principally the internet. On-line fraud is so easy - the fraudster can operate from anywhere he likes, even abroad."
Tag: CNP fraud
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About the Author:
Doug is a staff writer for SecurityProNews, InternetFinancialNews, SearchNewz, and WebProNews.
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