One in three adults in the UK will be affected by card fraud in the coming year.

 

According to predictions by Fortify, there will be an increase by a third in the amount of credit card fraud as cybercriminals experience considerable hardship due to the economic climate.

 

Richard Kirk, EMEA vice president of software security assurance claimed that recent reports that card fraud had affected a quarter of the adult population could see an increase. 

 

According to Kirk, what is driving UK card fraud ever upwards is fraudsters shipping card data abroad to areas such as North America, where only a signature is required at retail stores, and committing high volumes of fraud on UK cards there.

 

Further, card fraud identikits - which typically include a card number, start/expiry dates, three digit CVVs plus other relevant data extracted from the magnetic strip of the payment card - were selling for around $15 each 18 months ago, a figure that had fallen to around $2 by last October.

 

Kirk said: “As card identikits are shared between cybercriminals, this form of card data is increasingly being sold by the thousand, meaning that kit prices are dropping to just a dollar a pop, when sold in volume.

 

"Just as the average person in the street is having to tighten their belt, so is the average card criminal. They are having to increase their sales volumes by reducing the cost of each card indentikit, and so compete with the growing number of people in possession of this data."