Pre-paid payment card fraud on the up, says Retail Decisions

Attempted fraud on pre-paid payment cards rose 50% in 2006, with mobile network owners increasingly at risk, according to Retail Decisions, a payment card issuer, processor and fraud prevention firm.

Based on 11 billion transactions, Retail Decision saw a 50% rise in attempted card fraud on prepaid top-up cards in 2006 compared to the previous year, the firm said. Retail Decisions said 58% of fraudsters are less likely to perpetrate fraud with the same merchant after an unsuccessful attempt.

In July 2007 the Nokia 8600 was the most fraud-prone handset, it found. The most fraudulent day on record for pre-paid card fraud was New Year’s Eve 2006, when the firm saw an increase of 110% compared to a normal Sunday.

Source: ComputerWeekly.com

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