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An article relating to this blog post on Finextra:

Crunch hit Brits turn to online shopping

Despite the economic gloom, UK online shopping sales in the first half of 2008 were up 38% - to £26.5 billion - on the same period the previous year.

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Chip and PIN won't help the online sales boom

I notice a massive increase in online sales in the U.K. Did anyone think about this coming when they introduced Chip and PIN? About as useful as Chips-and-sauce on the net isn't it, unless you have a reader and the site is capable of utilising it.

Does this signal a growth area for fraud? Will the trend continue?

Will it take another £1.1 billion to 'protect' the online marketplace?

So fraud has only increased by 122% while sales have increased even more.

Perhaps the crooks are having enough trouble spending all that money, their 37% 'pay rise' to £290.5 million during 2007 for U.K fraud would be difficult to spend, on top of the rewards of fraud elsewhere.

Maybe there'll be a boom in card reader sales, but look out if the consumers buy them and then they turn out to be useless in the near future.


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19 Mar 2009


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