House of cards

Credit Card Fraud

Financial crime has risen in tandem with the global economic recession. While large-scale frauds by hedge fund conmen or rogue traders have hogged the headlines, retail, credit and debit card fraud presents a more immediate threat for banks. As the availability of consumer credit reduced and default rates rose, credit card fraud exploded. MasterCard and Visa both report rising fraud levels, as a percentage of sales, and for banks, already made leaner by the crisis, the question is how well prepa