More registering for credit card protection

By Sarah Engle, Tue 23 Sep 2008 - Published in Credit Cards

New figures show that there has been an increase in the number of people signing to protect their credit cards from online fraud.

According to UK payment association Apacs, more than 1.5 million cards are registered with the MasterCard SecureCode and Verified by Visa schemes each month, showing a 650 per cent increase when compared to two years ago.

In addition, a total of 25 million UK credit cards are now registered with the schemes, which allows holders to protect themselves with a password which must be used when online purchases with participation retailers are made.

Sandra Quinn, director of communications at Apacs, said the increase is "excellent news" but pointed out that there are still credit card customers who have not entered into the protection schemes.

Ms Quinn added: "The banking industry continues to urge those cardholders not yet signed up to do so, as we all need to play our part to make life harder for online shopping fraudsters."

Yesterday (September 22nd), Neil Munroe, external affairs director at credit reference agency Equifax, suggested credit cards could be replaced by mobile phone-based systems, although he pointed out security concerns will have to be overcome first.

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