Milestone for online credit card security systemConsumers choose a password
01 September 2007
Ten million credit and debit cards have been signed up to a new secure online payments system, new figures show.
Payment body APACS said 10 million UK issued cards had joined either MasterCard SecureCode or Verified by Visa, which make online transactions more secure.
Under the schemes consumers choose a password which they are then asked for by selected retailers when shopping online.
The use of a password prevents someone who obtained their card details fraudulently from using them to buy things over the internet.
Sandra Quinn, director of communications at APACS, said: 'Ten million registered cards is clearly an important milestone in the development of e-commerce in the UK.
'The industry has worked hard to provide practical solutions to fight online shopping fraud and we are calling on those cardholders not yet signed up to do so and take the appropriate security measures when shopping online.'
Online card fraud totalled £154.5 million last year, a 32% jump from the previous year.
But APACS said the figures needed to be seen in the context of the £21.4 billion that was spent online, with 26 million people buying something over the internet last year.
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