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U.K. card-not-present fraud fell 15% in 2009 to 278 million pounds ($416 million) in 2009, compared with 328 million pounds ($491 million) in 2008, says Retail Decisions.
Card-not-present fraud in the U.K. fell 15% in 2009 to 278 million pounds ($416 million) in 2009, compared with 328 million pounds ($491 million) in 2008, says Retail Decisions, a provider of payment card issuing, processing and fraud-prevention services.
The findings mark the first decline in five years in fraud when consumers are not face to face with the retailer, such as when they buy online or by phone. Carl Clump, Retail Decisions CEO, attributes that decline to more retailers using some form of fraud-prevention security program. Retail Decisions expects card-not-present fraud to continue to decline 5% in 2010 to 264 million pounds ($395 million).
However, Clump says fraud losses likely will level off in 2011, as criminals find new ways to navigate around security measures regulations.
“Payment fraud is an organized crime that will continue to evolve on a global scale,” he says. “Despite constant innovation in fraud prevention, thieves will undoubtedly remain persistent in finding new avenues to perpetrate their trade.” For instance, while mobile commerce offers greater convenience, it also provides a new opening for criminals, he says.