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October 30, 2012

UK among the top three targeted countries for credit card fraud: study

During 2011, about £341m was stolen in the UK through credit card fraud

By CBR Staff Writer

UK is said to be among the top three targeted countries for credit card frauds, according to a new study.

According to identity protection specialists Ground Labs, major of the UK businesses hold consumer credit card data unknowingly, which is said to be violating Payment Card Industry Data Security Standards (PCI DSS) that can attract £500,000 fine by the Information Commissioner Officer (ICO)

The analysis revealed during 2011, about £341m was stolen in the UK through credit card fraud and the hacking incidents have increased by 19% during the past six months of 2012.

Ground Labs European director Mohamed Zouine said that the firm has more than 1,000 businesses across the UK and Europe that have used their software and every single business found erroneous card records in its IT systems.

"What we have found is that even those businesses that believe that their systems are clean are carrying records that could be easily acquired by hackers" Zouine said.

The survey also found that even businesses that claim to be meeting the requirements of global standards for credit card data security have rogue details that are because of all being linked to standard computer processes that include browser caches or email duplications.

Further, the firm has also been promoting the deployment of a simple software programme called Card Recon under its standard systems maintenance routine to distinguish and eliminate credit card details.

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"We believe a routine check should be as frequent as anti-virus checks," Zouine added.

"There are many ways in which card details can remain on business’s IT infrastructure unwittingly.

"Transaction logs sent back from banks, browser caches, email duplications and more can hold sensitive data that has a black market value in the wrong hands and can be used to defraud consumers."

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