Leaking millions

Technologically savvy fraudsters are benefiting from holes in data systems and security glitches, and institutions need to respond by co-ordinating their disparate approaches to fraud. But, as Nick Kochan finds, they're not acting quickly enough

Credit card fraud is perpetrated by organised criminals with the technology and organisation to produce profits in the tens of millions of dollars. That is the conclusion of an investigation in the US that has resulted in the prosecution of 11 people for alleged hacking of 41 million credit and debit card numbers from nine major retailers. The case sounds a warning bell to the many participants in the credit card sector - banks, payment systems, merchants and customers. All have been exposed to