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.
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.