Alan Timothy, CEO of data engineering consultancy Rocket ScienceAccording to Card Watch, the UK banking industry’s body set up to help fight plastic card crime, in 2001 credit card fraud cost the UK $411.4 million, of which $95.7 million was accounted for by cardholder-not-present transactions. In other words, the type of transactions businesses do with their customers either on the phone or on the Internet, when the card nor the card holder is present at the point of purchase.
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