Small firms warned to keep up guard against CNP fraud

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Small firms warned to keep up guard against CNP fraud

Simon Quicke

Small businesses have been warned to keep up their defences against fraudsters despite the level of cardholder not present (CNP) fraud dropping to the lowest level for 11 years.

Figures issued earlier this month from Financial Fraud Action UK showed that CNP fraud had dropped as anti-crime measures took their toll but the risks remain for smaller firms that could find themselves a more attractive target for criminals wary of being blocked by larger organisations.

SME business lobby group the Forum of Private Business (FPB) has warned that CNP fraud will remain one of the methods used by criminals trying to trick smaller firms out of money and it could become even more prevalent in the future.

"Card fraudsters are like a virus in that they change and adapt to the conditions they face and it is important to be vigilant in order to minimise the risks of being hit," said FPB adviser on merchant services Richard Bradley of Accept Cards.

"These criminals are much less likely to target businesses in person via a chip and pin transaction, and the majority of fraud is seen where the cardholder is not present, in other words mail order and online payments. The best advice is to be prepared," he added.

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