New figures released by the Association of Payment Clearing Services
(Apacs) have revealed a sixty-eight per cent increase in fraudulent
credit card transactions, with U.K business bearing the brunt of the
damage, and online gambling proving to be the most widely targeted
sector. Last year fraudulent payments reached a total of £45 million,
£28 million of which targeted U.K businesses. The online betting
industry alone lost £6.9 million to fraudsters.
Apacs are warning online retailers to be vigilant and invest in
safeguards for their transaction processes. Sarah Quinn, Director of
Communications at the association said: The fraudster will always look
for new avenues and that means we cannot be complacent.