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Apacs figures reveal identity authentication fraud soared in 2008
Mar 23 2009, 12:10 PM
The UK payments association Apacs released figures last week (March 19th) revealing that online consumers are experiencing an increase in the number of breaches of their ID verification details.
Online banking fraud jumped by 132%, with losses totalling £52.5 million in 2008 compared to £22.6 million in 2007.
Apacs found that fraud involving the use of stolen identity authentication details to commit 'card-not-present' fraud had jumped by 13% to £328.4 million in 2008.
The Metropolitan Police has warned that identity fraudsters only need three identity authentication details to commit fraud and often consumers are too willing to expose this information when completing an online transaction.
Apacs also announced that it welcomed The National Fraud Strategy - A new approach to combating fraud 2009-2011, which was launched by the National Fraud Strategic Authority as a measure to tackle the growing problem of fraud.
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