Card-not-present fraud in the United Kingdom declined by an estimated 15% last year, to 278 million British pounds (US$416 million or 304 million euros) from 328 pounds (US$490 million or 359 million euros) the previous year, reports Retail Decisions PLC.
Online, mail-order and telephone fraud will continue to decrease by 5% in 2010, predicts Retail Decisions, which does not expect the fraud rate to fall next year because fraudsters will have adapted to current challenges.
One such challenge thieves may overcome is the migration of credit card payments to online channels such as smartphones and laptops. Fraudsters view mobile payments as an expanding payment landscape to attack, Carl Clump, CEO of the London-based card fraud prevention, payment processing and card issuing company, said in a recent release.
To best prevent fraud, retailers should opt for nonintrusive, instantaneous prevention technologies and strategies, such as neural networks, pattern recognition and velocity engines, and proprietary, domestic and international screening databases, Retail Decisions notes.
Overall, card-not-present fraud accounted for more than 50% of plastic card fraud losses in the UK last year, up from 10% in 1998, the company reports.
