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Recently released research results and statistics confirm that credit card fraud knows no geographic boundaries. The European Union (EU) has a massive problem, with fraud levels in Britain accounting for 45 percent (more than 80 million pounds) of the total EU numbers. France placed second – in this dubious honor category – with a 31-million pound loss attributed to credit card fraudsters.
Authorities believe that organized crime is heavily involved with the trafficking and distribution of stolen or fraudulent credit cards. Evidence suggests that drug supply networks are used to distribute stolen plastic cards. When arrests for credit card fraud were made, officers noticed that the criminals often had past convictions for possession of controlled drugs and illegal firearms and for crimes of violence.
Another trend that has come to light is that bank robbers may be turning to credit card fraud. Not only is there less danger inherent in the actual crime, but the penalties are substantially less as well.
France has had a decrease in credit card fraud since the introduction of computer chip technology. British companies plan to follow suit next year; however, it is expected that the organized crime networks will do everything possible to manipulate the technology.
“Fraud will never disappear. The reason is because you can never get ahead on the curve of human ingenuity.”
Doug Fowler, Ohio Blues
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