Credit Card Fraud Data Worth 50p

Credit card information and personal details are being traded for less than the cost of a can of cola, according to a new study.

IT security firm Symantec's latest annual security threat report revealed that criminals are buying people's card details, name, address and date of birth for just 50p.

With this information, fraudsters are able to commit identity fraud and scam large amounts of money from the cards.

Symantec chief scientist Guy Bunker warned that "there are signs of a price war developing, as online criminals find it increasingly easy to steal private details, and barter to sell them for bargain prices".

He added: "As above ground the world economy spirals, the underground economy has never been healthier."

According to UK payments association Apacs, card fraud losses reached £609.9m in 2008.

Transactions which do not require chip and pin protection - such as online payments - were the main drivers of growth in card fraud, Apacs claimed.

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