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08 March 2006
Online bank cahoot has said that it has taken care of the rising threat of card-not-present fraud.
According to financial fraud figures released on Tuesday by Apacs, card-not-present fraud, which is committed via telephone, email or postal transactions, rose by 21 per cent in 2005.
The figures showed that overall card fraud losses in the UK were down by 13 per cent from 2004, a fall of £65 million.
Cahoot, however, said that the introduction in 2001 of its 'webcard' has already removed the threat of card-not-present fraud for customers.
Online shoppers are given a new transaction number each time they make a purchase, with the real credit or debit numbers never given out.
"We recognise that some people still have reservations about transmitting confidential information on the web, and believe that our webcard reassures customers that shopping online can be even more secure than shopping in the high street," said cahoot head of marketing, Dave Mathews.
The Apacs figures also showed that counterfeit and lost and stolen fraud was down by 24 per cent, attributed largely to the introduction of chip and pin.
Card identity fraud caused by account takeover or fraudulent applications also fell, by 17 per cent
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