Card not present, or CNP, crime is the most common type of credit card fraud in the UK. Since the year 2000 CNP fraud losses have risen in the UK by 298%. Between 2006 and 2007 CNP crime rose by 375% alone and cost the UK £290.5 million pounds. CNP crime is when a criminal manages to get hold of someone's card details and then uses those details to make a purchase online, over the phone or through the mail. Most commonly stolen details are now used over the Internet. 54% of all card crime is now down to card not present type thefts.
These figures do need to be put into perspective though and should be compared to the huge increase in online card use. Since 2000 online card use has risen by 871%. It is estimated that more than 30 million people now shop online. Back in 2005 the average person spent £165 online; nowadays this figure is substantially greater. It is estimated that in 2009 more than 15% of all of the UK's shopping will be done over the Internet. It would seem that the rise in crime is proportionate to the amount of money now spent online shopping.
Experts state that there is no need to be overly paranoid about Internet card use, as the majority of card details are still stolen in the real world and then used online. Because of this it is clearly vital that you protect your card details when using your card across a counter. It is also vitally important to dispose of any receipts carefully along with any literature from your bank that may contain your card details. All a criminal needs to get hold of is your name, card number and security code, on the back of the card, to make a purchase. A recent TV show demonstrated how a trained criminal could memorize a 16-digit card number in seconds.
Although all credit cards are at risk you will perhaps want to protect your business credit cards most of all. This is mainly because of the large amounts of credit a criminal could potentially steal. As this is the case you may well ask, what is my card company doing to protect my card? You will be pleased to know that there are a number of monitoring, security and legal promises now common to most card providers. These include: anti-fraud teams monitoring accounts for unusual spending; online password authentication requirements; and promises of fraud protection if your details do get stolen.
The most common type of Internet card crime is known as 'card not present' crime. This is when a criminal uses the card details that they have stolen to purchase something for themselves. In 2007 there was ?290.5 million pounds lost in the UK through 'card not present' crime; this was up 37% on the previous year. This is a vast amount even when you consider the increase in popularity of Internet shopping (in 2005 Brits spent an average of ?165 online). Often banks will return any money that is stolen from you and then track down the thieves with the help of the police.
Business credit cards details are perhaps the most sought after because they generally have higher credit limits than personal credit cards. The most important thing to remember is to protect your details offline and never enter your details at the request of an email. Financial experts recommend that you approach your card provider and fully understand what anti-fraud services they are providing. If you think that you have been 'duped' then you should always call your card provider immediately. - 15224
These figures do need to be put into perspective though and should be compared to the huge increase in online card use. Since 2000 online card use has risen by 871%. It is estimated that more than 30 million people now shop online. Back in 2005 the average person spent £165 online; nowadays this figure is substantially greater. It is estimated that in 2009 more than 15% of all of the UK's shopping will be done over the Internet. It would seem that the rise in crime is proportionate to the amount of money now spent online shopping.
Experts state that there is no need to be overly paranoid about Internet card use, as the majority of card details are still stolen in the real world and then used online. Because of this it is clearly vital that you protect your card details when using your card across a counter. It is also vitally important to dispose of any receipts carefully along with any literature from your bank that may contain your card details. All a criminal needs to get hold of is your name, card number and security code, on the back of the card, to make a purchase. A recent TV show demonstrated how a trained criminal could memorize a 16-digit card number in seconds.
Although all credit cards are at risk you will perhaps want to protect your business credit cards most of all. This is mainly because of the large amounts of credit a criminal could potentially steal. As this is the case you may well ask, what is my card company doing to protect my card? You will be pleased to know that there are a number of monitoring, security and legal promises now common to most card providers. These include: anti-fraud teams monitoring accounts for unusual spending; online password authentication requirements; and promises of fraud protection if your details do get stolen.
The most common type of Internet card crime is known as 'card not present' crime. This is when a criminal uses the card details that they have stolen to purchase something for themselves. In 2007 there was ?290.5 million pounds lost in the UK through 'card not present' crime; this was up 37% on the previous year. This is a vast amount even when you consider the increase in popularity of Internet shopping (in 2005 Brits spent an average of ?165 online). Often banks will return any money that is stolen from you and then track down the thieves with the help of the police.
Business credit cards details are perhaps the most sought after because they generally have higher credit limits than personal credit cards. The most important thing to remember is to protect your details offline and never enter your details at the request of an email. Financial experts recommend that you approach your card provider and fully understand what anti-fraud services they are providing. If you think that you have been 'duped' then you should always call your card provider immediately. - 15224
About the Author:
Warren James writes articles for various popular websites. Read about business credit cards and business credit card offer here
