Online Casinos Biggest Losers to Credit Card Fraud
By philip
New figures released by the Association of Payment Clearing Services (Apacs) have revealed a sixty-eight per cent increase in fraudulent credit card transactions, with U.K business bearing the brunt of the damage, and online gambling proving to be the most widely targeted sector. Last year fraudulent payments reached a total of £45 million, £28 million of which targeted U.K businesses. The online betting industry alone lost £6.9 million to fraudsters.

Apacs are warning online retailers to be vigilant and invest in safeguards for their transaction processes. Sarah Quinn, Director of Communications at the association said: “The fraudster will always look for new avenues and that means we cannot be complacent. When plastic cards were first introduced in the 1960s it was never envisaged that they would be used to buy goods and services in an environment where neither the card nor the cardholder would be present. A number of initiatives are in place to clamp down on this type of fraud.”

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