Speaking at the inaugural Elman Wall Travel Directors' Summit, First Data Merchant Solutions director Tony Mooney said that although he didn't have an industry-by-industry breakdown, he thought the travel industry must be suffering more than most. "A lot of travel is sold remotely and that is where a lot of fraud is occurring, so the travel industry is probably suffering more fraud than the average." While Chip & Pin has helped to virtually stamp out face-to-face fraud, no similar security exists for online sales. Banks are working on transferring Chip & Pin to the internet, said Mooney, but the technology is still a long way off. About 0.12% of card payments are fraudulent, which is a lower percentage than in 2001, but retailers must stand the losses if they are stung by telephone or online fraud, which accounts for an increasing number of rip-offs, whereas if retailers fall victim of counter fraud, it's the card issuer who pays. Get the full story at Travelmore (free registration)