New credit card technology drives off fraud

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New credit card technology drives off fraud

The new chip and pin security system for credit and debit cards, officially introduced on January 1st 2005, has driven fraudsters away from card crime.

However, the fall in card crime has meant fraudsters have turned to the Internet in growing numbers in order to scam consumers.

Retail Decisions, which supplies fraud-prevention software to retailers such as Tesco and Comet, said there was a 25 per cent increase in attempted fraudulent transactions on the Internet between January 1st and January 6th, compared with the same period in 2004.

Carl Clump, the chief executive of Retail Decisions, said: "Chip and pin will reduce fraud on lost or stolen cards, no question about it. But fraudsters cannot go hungry.

"They are migrating to card-not-present fraud."

A spokesman for Chip and Pin added: "Unfortunately, there is more than one type of card fraud. Chip and pin is only one type of initiative.

"But anything that cuts down on fraud has to be a good thing."

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