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September 24, 2010updated 04 Apr 2017 4:16pm

Card fraud in US increases by 32% in H110

Card-not-present payment fraud increased by 32% in the US during the first half of 2010, according to a new report. The Retail Decisions (ReD) study shows the amount of fraudulent attempts to buy goods over the internet, by mail order and telephone using cards reached an estimated $1.14 billion from January to June 2010 Transaction volumes have also increased during the first half of the year with the average transaction value up by an estimated 34 percent compared with the same period last year, from $111 to an estimated $149.

By Sarah Fitzmaurice

Card-not-present payment fraud increased by 32% in the US during the first half of 2010, according to a new report.

The Retail Decisions (ReD) study shows the amount of fraudulent attempts to buy goods over the internet, by mail order and telephone using cards reached an estimated $1.14 billion from January to June 2010.

Transaction volumes have also increased during the first half of the year with the average transaction value up by an estimated 34 percent compared with the same period last year, from $111 to an estimated $149.

“This is a stark warning for US merchants and consumers to protect themselves against payment fraud,” said Carl Clump CEO of payment processor and fraud prevention specialist ReD.

The increase in card fraud in the U.S is in contrast to the UK, where ReD predicts a 9 percent fall in the value of attempted fraud.

The report attributes the decrease in UK fraud to combined forces of industry initiatives such as chip and PIN and the increasing use of fraud detection tools by retailers and banks.

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