Card fraud losses fall in UK

Thu 11 Mar 2010 - Published in Credit Cards

There was a fall in total fraud losses on UK cards over the last year, new research has shown.

According to figures from the UK Cards Association, card fraud losses dropped by 28 per cent during 2009, from Ł610 million in the previous year to Ł440.3 million.

The organisation claimed that the reduction was due to the use of sophisticated fraud detection tools by banks and shops, the success of chip and PIN, and the efforts of the Dedicated Cheque and Plastic Crime Unit.

In addition, the report revealed that counterfeit card fraud offences such as skimming and cloning fell by more than half, while cheque fraud dropped by 29 per cent. However, it also showed that losses to online banking fraud increased by 14 per cent.

Melanie Johnson, chair of the UK Cards Association, commented: "The cards industry sees fighting fraud as a key part of keeping its customers' interests centre-stage. We are committed to a wide range of measures to ensure customers feel confident, safe and secure when they use their credit and debit cards."

Last month, Jemma Smith, head of public relations at UK Payments, claimed that chip and PIN remains a safe way for people to make payments, despite a loophole recently being found in the system.

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