Credit card fraud rising

New figures have revealed that credit card fraud is continuing to rise as criminal gangs carry out more of the crimes.

Although chip and pin technology has had a positive impact on tackling card-present fraud, the research from accountants KPMG has shown that many fraudsters have moved to card-not-present scams.

Credit card fraud is now rising to record levels in the UK and the research highlights the importance of ensuring a high standard of identity authentication systems to make fraud as difficult as possible.

Banks can save significant amounts of money by ensuing identity authentication systems are complex, making it harder for fraudsters to obtain the information necessary to carry out fraudulent activity.

Commenting on the figures, Hitesh Patel of KPMG Forensic, told the Guardian: "The good news is that more fraud is being detected and prosecuted in court. The bad news is that this is probably because more fraud is being committed."