The online activities of children in the UK may be exposing their parents' financial details to phishing attacks, one sector commentator has warned.
Michael Lynch, CPP fraud expert, said this was because young people may be unaware if the sites they are going on are secure when they input their mums and dads' personal information.
"They are putting up credit card details and home address details on the internet which can be used by fraudsters, whether it's through phishing attacks to either sell the data or commit fraud using their credit card details," he noted.
According to APACS, the UK payments association, in 2007, total card fraud losses increased by 25 per cent to £535 million.
However, the success of chip & PIN has meant that over the past three years losses on transactions on the UK high street have reduced by 67 per cent from £218.8 million in 2004 to £73 million last year.
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