08/10/2009 - Card fraud reduced by a quarter
UK credit and debit card fraud has fallen by nearly a quarter, according to figures covering the first six months of the year.
Compared with the same period in 2008, the cost of card fraud was 23% less, with losses on card-not-present fraud dropping for the first time ever. This has been attributed to measures designed to crack down on card fraud, such as the introduction of chip and Pin cards and measures to make online sales safer.
It may also be the result of fraudsters changing their focus and targeting cards issued abroad, in countries with stronger currencies that do not yet have chip and Pin protection.
According to industry body Financial Fraud Action UK, fraud losses on foreign issued cards used in the UK went up by 36% during the first half of the year to £81.1 million. Also, while card fraud went down, the cost of online banking fraud rose by 55% to a record £39 million.
Fraud losses on cards used at UK retailers fell by 26% during the six months, while fraud on cards lost in the post was down by 33% and losses on lost and stolen cards dropped by 6% to the lowest level since the industry began collecting figures in 1991.
Copyright © Press Association 2009
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