Credit card fraud soars


Cyber crooks are pushing credit card fraud to record highs and costing Canadian businesses hundreds of millions of dollars annually.

According to statistics released by the Canadian Bankers Association, credit card fraud hit $436.6 million in 2011, the latest year for which statistics are available. Of that, “card-not-present” fraud, where a crook uses a stolen card number to make purchases over the Internet or by phone, was the biggest and fastest growing type of credit card fraud in Canada.

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