EU steps up fight against non-cash payment fraud

BRUSSELS, Dec 11 (KUNA) -- European Union member states and the European Parliament reached Tuesday an agreement on new rules on combating fraud and counterfeiting of non-cash means of payment including credit cards, online shopping, etc.
The new rules update the existing rules to ensure that a clear, robust and technology-neutral legal framework is in place, said the EP in a statement.
"Fraud with credit cards or online shopping is on the increase. It undermines trust, and makes consumers more reluctant to shop online. Moreover, the proceeds from this sort of fraud are used to finance criminal groups," said Josef Moser, minister of justice of Austria, which holds the current EU Presidency. "Today's agreement is a step towards closing legal loopholes between member states and introducing common rules that will ensure that fraud does not go unpunished," he added.
In 2013, it is estimated that 1.44 billion euro (USD 1.63 billion) was stolen by criminals through non cash payment fraud, it noted. (end) nk.hm