Card fraud of 115 million in the first half

Visa card virtual currencyVisa Debit card. Photo:

It was revealed that card fraud was the highest amount ever for this year’s first six months. The increase is particularly large in online shopping.

Overall, the card fraudsters were able to take 115 million Kroner. Fraud during trading online stores accounted for the entire 75 million, double the same period last year, figures from Bits and Finance Norway show.

The amount is far higher than the increase in card use and online shopping would suggest, says Finance Norway.

– More than half of the fraud has taken place without the criminals being held or the cards.

In many of these cases criminals stole card information from operating environments abroad that store large amounts of card information.

This information has then been used by fraudsters to shop online, the organization states.

Fraud, however could have decreased sharply if online retailers had adopted bank security solutions with personal password and code during online payment, says communications manager Stine Neverdal.

Meanwhile, card fraud accounts for only about 0.023 percent of the total value of card payments in Norway.

Finance Norway’s central organization for the financial industry in Norway and represents about 240 financial companies with around 50,000 employees.


Source: NTB scanpix / Norway Today