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UK retailers 'will be affected by mobile and social media fraud'

05 July 2011

Retailers in the UK have been advised that they face a growing threat from mobile and social media fraud in the future.

This is according to the Managing Director of PayPoint.net, who cautioned such incidents will have "a big impact" on firms in the sector.

Internal payment services specialist Michael Norton explained many current schemes operated by card issuers to tackle fraud do not currently take social media or mobile applications into account.

He warned that individuals using such portals to pay for items are at greater risk, adding: "Mobile and social media fraud are going to push fraud up by 18 per cent over the next four years."

Mr Norton was commenting after a study by his company predicted there would be a substantial rise in online fraud to £195.3 million by 2015 following two years of decline, with purchases made via social media and mobile platforms expected to drive the increase, as less information is needed to buy goods and services.

Download the report from PayPoint.com (PDF 115Kb)