Credit Card Fraud Great Cause For Alarm

12.00.00am GMT Mon 10th Nov 2003

Commenting on figures released by the payment services group APACS that show credit card fraud running at £411.6m a year, Malcolm Bruce MP, Liberal Democrat Shadow DTI Secretary, said: "With more and more of us doing business on the Internet and over the phone, the £300,000 a day of fraud on such remote transactions is great cause for alarm."

"Consumers and retailers end up paying for this fraud in the end, as the credit companies absorb the fraud in higher charges."

"Credit companies need to bring forward measures to cut this out, from pin numbers to passwords. Retailers must be more vigilant and customers need to know all the risks involved in giving out details."