Credit card and debit cards fight online shopping fraud

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Business Credit Cards - what’s available for you Around 10 million UK credit cards and debit cards have now been registered with MasterCard SecureCode and Verified by Visa services - making them more secure when shopping online. Using these services is quick and easy. Cardholders sign up and choose a private password, which they then use when shopping at participating retailers. Greater protection against the unauthorised use of their card for online purchases A straightforward and hassle-free service that fits neatly into the familiar online buying process Enhanced online security without the need for any additional software Most cardholders can now sign up to Verified by Visa and MasterCard Secure Code at the website of the bank or card company that issues their credit card or debit card. More and more online retailers, such as British Airways, Currys, Dixons lastminute.com and PC World, are introducing these secure systems. Home Office Minister Vernon Coaker said, “Shopping online is convenient for consumers and retailers alike, but although the internet offers valuable opportunities for law abiding citizens it also presents opportunities for fraudsters. The key to tackling online fraud is prevention, which is why the Government supports industry initiatives such as Verified by Visa and Mastercard SecureCode, which are designed to make online transactions even more secure. I am pleased to see the industry introducing such measures and urge cardholders to sign up to these protective schemes.” Although internet shopping fraud losses are increasing, this should be seen in the light of increasing numbers of people buying over the internet and more and more retailers offering online shopping. Over 26 million people made a purchase over the internet last year and the Office of Fair Trading (OFT) estimates that the online shopping market is now worth around Ј21.4 billion a year. Sandra Quinn of APACS, said,

“To help boost general public awareness and understanding about MasterCard SecureCode and Verified by Visa, APACS has launched a consumer advice guide explaining the registration process and security benefits in more detail.