30 Jan '11, 10pm

Credit card fraud in region expected to rise

SINGAPORE - Fraudulent credit card transactions in the Asia-Pacific have crept up to hit more than US$350 million ($450 million) a year and market players expect the scam to get even bigger. With Asians expected to hold more credit cards - up to six cards per person by 2014 from the current one card each -market watchers expect online fraud cases to increase by more than 50 per cent in the year ahead. One industry that has been hit the hardest following the rise of such fraudulent credit card cases is the regional low- cost carriers. The budget airlines are prone to such credit card scams because their business model relies significantly on online bookings for airline tickets. Industry experts estimated that the low cost carriers stand to lose about US$12 for each online ticketing transaction that ended up as a fraud case. Mr Carl Clump, chief executive of Retail Direction...

Full article: http://www.todayonline.com/Business/EDC110131-0000150/Cre...

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Fraudulent credit card transactions to rise in Asia Pacific

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