Card-not-present payment fraud increased by 32%
in the US during the first half of 2010, according to a new
report.
The Retail Decisions (ReD) study shows the
amount of fraudulent attempts to buy goods over the internet, by
mail order and telephone using cards reached an estimated $1.14
billion from January to June 2010.
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Transaction volumes have also increased during
the first half of the year with the average transaction value up by
an estimated 34 percent compared with the same period last year,
from $111 to an estimated $149.
“This is a stark warning for US merchants and
consumers to protect themselves against payment fraud,” said Carl
Clump CEO of payment processor and fraud prevention specialist
ReD.
The increase in card fraud in the U.S is in
contrast to the UK, where ReD predicts a 9 percent fall in the
value of attempted fraud.
The report attributes the decrease in UK fraud
to combined forces of industry initiatives such as chip and PIN and
the increasing use of fraud detection tools by retailers and
banks.
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