Feeds

Red alert over London on credit card fraud map

London's burning

5 things you didn’t know about cloud backup

London is the UK capital of credit card fraud, according to a study by online fraud prevention firm Early Warning.

Early Warning's latest figures for Cardholder Not Present (CNP) fraud show that Greater London clocked up largest number of fraudulent transactions in the past year, followed by Manchester and Kilmarnock.

Early Warning has produced a map (PDF) that identifies the postcode areas from which the fraudsters operate, put together by tracking the delivery addresses for fraudulently obtained goods – typically accommodation addresses and "dead letter boxes".

It reckons the technique represents the only reliable method for mapping credit card fraud. The areas with the biggest fraud problems are the Central London postcodes, together with Romford and Ilford in Essex, and Twickenham in Middlesex.

Outside the capital, cities and towns where CNP fraud is on the increase include Bournemouth, Northampton, Portsmouth, and Stockport.

Nationwide, CNP fraud last year cost £183.2m, according to figures from banking organisation APACS. Stats from Early Warning say CNP fraud has shot up by 38 per cent in the past 12 months.

Using Early Warning's CardAware fraud detection systems, retailers and other online traders can check credit card orders against a database of known frauds. The firm has added a postcode-based risk assessment tool. It reports that the geographical spread of CNP fraud changes rapidly.

"Some postcode areas both inside and outside the Capital that last year recorded only negligible numbers of frauds are now reporting 'low' or 'medium' numbers," said Andrew Goodwill, managing director of Early Warning. "No single area of the UK is untouched by this problem."

The introduction of Chip and PIN systems on credit and debit cards in the UK to validate purchases as an alternative to signatures has pushed fraud onto the internet, Goodwill added. ®

Next gen security for virtualised datacentres

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.