Risk: Informational
The European Commission has found that online scams are the fastest growing type of fraud in Europe.
It is estimated that card fraud, which is mostly conducted online, costs Europe £688m every year.
Counterfeit fraud, such as a card being cloned or skimmed, remains the highest type of online crime. Card-not-present fraud, however, is now the fastest growing online crime in the UK and Europe.
The financial services industry has recently approved a device that may help to prevent the continuous increase of online crime. This device will ask customers who bank and shop online for a unique pin, which will help to make this type of fraud harder to commit.