20 Mar 2009

Card fraud highlights need for business security

Companies are being warned to adopt security measures to prevent the theft of confidential information.

The latest fraud figures released by UK payments association Apacs reveals credit card fraud rose by 13 per cent in 2008, illustrating the need for effective protection.

Paul Simms, managing director of fraud prevention specialist the 3rd Man, says tackling data theft should be a priority.

"Businesses are losing millions of pounds each year and this cost inevitably is being passed on to consumers whose pockets are being hit from every angle," he comments.

Mr Simms adds that firms failing to take suitable precautions are often the worst hit, highlighting the benefit of security initiatives.

Working with other companies through shared data schemes is one way organisations can cut down on breaches, the specialist concludes.

Industry expert the Identity Theft Resource Center recently revealed incidents of data theft increased by almost 50 per cent in 2008 compared to the year before.