CNP Fraud Grows With Online Industry

Online gambling operators saw their losses to cardholder not present (CNP) transactions grow by more than any other UK retail sector last year according to data released by the UK payments association APACS. According to payments industry insiders, however, the new data paints only part of the picture.According to statistics just released by APACS, online gambling firms, including the National Lottery, lost 61 percent more to CNP scams in the first half of 2007 than in the same period in 2006. Operators lost a total of £12.7m between them, up from £7.9m in the comparable period a year before.

The data has caused puzzlement in the industry, however, as it does not take into account the huge growth rates enjoyed by the industry during the same period.

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