Online gambling stings credit companies
By Paul
Online gambling is now the number one Internet-related credit card fraud problem in Europe, according to Europay, Mastercard’s European partner.

Europay calculate that 20% of online fraud in Europe is now related to gambling. Overall, online fraud accounts for 5% of all UK credit and debit card fraud, a figure put at £411 million last year by APACS (the Association of Payment Clearing Services) – a 30% rise from losses of £317 million in 2000.

The main cause of gambling related fraud is crooks stealing cardholders’ account details. To combat the problem, Europay is rolling out antifraud technology to 11,000 member banks in 43 European countries.

Europay’s system is based on Secure Payment Application and Europay/ Mastercard's Universal Cardholder Authentication Field infrastructure, which is designed to authenticate the identity of a consumer online. As interim measures, UK credit and debit card holders may be asked for their billing address or to confirm a 3 digit security code printed on the signature slip of cards.

Europay is also encouraging affiliated banks to monitor spending patterns, using software that flags up unusual or suspicious transaction patterns. Another plan is for banks to text customers after transactions are made using their account.

 
 
 
 
 
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