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Only 44% of adults have been sent all their replacement cards. The remainder are still using old cards which can be cheaply cloned and are verified by a signature that is easily forged.
Mark Bowerman, spokesman for the Association of Clearing Services, said: “Our latest figures showed that CNP fraud went up by 24 per cent from £122m in 2003 to £150.8m in 2004. Because of chip and PIN, credit card fraudsters will look to migrate to other areas, such as online or telephone transactions, so e-tailers need to be confident that transactions are genuine.”
Analysis of credit card fraud since January shows that criminals have already adapted to chip and pin. Point-of-sale fraud has fallen but fraud involving credit card transactions conducted by phone has increased by more than 150%.