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Credit Cards - Government launch enquiry into credit card fraud - 31/03/2008

A parliamentary enquiry into the multi-million pound trade of credit card fraud will begin this week.

Fraud experts will highlight their concerns to the inquiry, chaired by Labour MP Keith Vaz, at a problem that accounts for billions of pounds in stolen information every year.

The inquiry will look at how measures of security can be improved and how 21st century policing can deal with online gangs who are exchanging information on online chatrooms. Most of the information is stolen without the card issuer or owner being even aware of the theft until vast spending has been accumulated.

Mike Stannard, director of Navigant Consulting and an expert witness to the inquiry said: "Much of the information being traded comes for retailers' hacked databases. The government, law enforcement agencies and financial institutions understand what is happening but are constrained in what they can do."

Credit card scams cost British card users over £500 million for the first time last year according to the Association for Payments Industry (APACS). Internet and phone fraud has seen the biggest rise and accounts for £290 million, a jump of 37 per cent in a year. Lost data issues have never been under greater scrutiny.

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