Online card fraud worse than expected - what a surprise

I was distinctly underwhelmed to hear that figures from the banking industry this week suggest that card fraud is a much bigger problem than was previously thought.

According to the latest statistics, the total credit and debit card fraud carried out by phone, mail order or over the internet cost a collective £290.5 million last year.

The BBC claims that, once failed attempts are taken into account, the real figure is closer to £500 million.

This comes as absolutely no surprise to me, as I've long said that APACS' complacent attitude towards card fraud - and especially its claims that fraud has been contained by Chip & PIN - is a false reality.

The biggest problem facing the industry is this complacency. Once APACS admits the problem, then the industry can start tackling it in earnest...