Travel companies suffer a higher rate of card fraud than the average UK business as a result of the explosion in card-not-present transactions.
An industry conference in London yesterday was told that overall card fraud is falling, but card-not-present transactions have ballooned and retailers invariably bear the cost of the fraud loss.
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There are no figures for card fraud specific to travel. However, Trevor Sears, external UK counsel to IATA and partner at law firm Davenport Lyons, confirmed Mooney’s warning. He said: “Travel suffers more than other sectors at the moment.”
Fraud makes up a fraction of the total value of card transactions, however. Total transactions were worth £412 billion last year. Mooney said fraud accounted for about 0.12%.
Read more on TravelWeekly. There’s an interesting comment on the article about the lack of follow-up when an agent tried to report a fraudster.