Computer Crime Research Center


Credit card frauds increase

Date: February 18, 2004
Source: Computer Crime Research Center
By: Dmitri Kramarenko

Payment systems report about significant increase in number of credit card owners and turnover in credit card banking. Only in 1994 there were less than 50 thousand credit cards in Russia, now this market is more than 6 million cards with $12 billion turnover. Cards are more and more often used for shopping. It is an aggravating factor because there is no opportunity in sales outlets to authenticate cards.

Credit card frauds are increasing in proportion with the increase of cards number. In 2002 and first quarter of 2003, 43 criminal cases were initiated and 197 facts of criminal activity related to credit cards revealed, General Office of Internal Affairs states. The sum of redeemed loss made up 32,42 million RUR (~ $ 100 000), and as we all know loss in such cases is redeemed not so frequently. If there is someone who redeems monetary losses, it should be the bank issuer according to the contract terms.

Officials of the Economic Crime Unit of Russian Federation give such statistics: only 10% of crimes are committed with lost cards, 33% with stolen, 37% with counterfeit, 17% fall on frauds with number of bank account.

Speaking about the most reliable and secure banks and payment systems, there are no banks or systems as such, say representatives of Economic Crime Unit. Besides, the share that is for the bank or payment system on the market is almost equal to the percentage of crimes against this bank or system. 45% of the turnover is for Visa, 40% - MasterCard, the rest is for Express, Diners Club, JCB and local payment systems like "Sbercard", "Union Card", "Siberian Crown", according to General Office of Internal Affairs.

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