Credit card fraud is on the rise in the UK despite deploying Chip and PIN five years ago, according to a report in The Independent. The latest figured points to 600 million pounds of credit card fraud in 2008, compared to 535 million pounds in 2007.
Organized criminals have switched from card present fraud to card not present fraud, making purchases over the Internet. A substantial portion of fraud on UK cards has taken place overseas as well. Several for card fraud have been identified, such as the U.S., Canada and the Far East.
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