Payment fraud moves to Internet in Europe, says Commission

Electronic payment fraud is increasingly moving to non-face-to-face situations such as Internet payments, according to a European Commission report.

Despite recent efforts to clamp down on electronic payments fraud, the crime is still rife and is undermining citizens' confidence in buying and selling over the internet, the European Commission said Monday.

A Commission report on fraud (PDF file )and countermeasures taken between 2004 and 2007 shows that even though the number of discovered cases is a small minority of the overall number of transactions using new payment services, they undermine the general level of confidence among citizens in the European Union.

In addition, electronic payment fraud is increasingly moving to non-face-to-face situations such as Internet payments, the report said.

"Payment fraud is a moving target and, inevitably, new threats appear, such as identity theft/fraud and, more generally, cyber crime. In 2007, the Commission announced its policy objectives regarding cyber crime and will continue to closely monitor developments in this area," the Commission said.

Two recent pieces of E.U. legislation have tried to tackle the issue: a payment services directive and a money laundering directive. The money laundering law includes a "know your customer" rule for electronic transactions, but the Commission now believes more work is needed to raise citizens' awareness of the dangers.

"The Commission is working actively to minimize the payment fraud threat, for the benefit of consumers and financial services providers alike," said Charlie McCreevy, Commissioner for the E.U. internal market.

Action now being planned includes running awareness campaigns targeting the general public in the E.U. These could include running conferences about the dangers of electronic payments, the Commission said.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Paul Meller

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?