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07 March 2012

11 Year Low For Card Fraud

Money lost due to credit and debit card fraud has reached an 11-year low, falling to £341m last year, a drop of 7%.

The drop has been attributed to a 41% fall in fraudsters impersonating people to obtain or use credit cards and a 24% drop in fraud committed by cloned credit cards.

This is the third year in a row that a drop has been recorded with an overall fall of 44% since 2008, the UK Cards Association has said.

Card fraud is now at its lowest since 2000 when £317m was lost.

The improvement of anti-fraud measures such as chip-and-pin technology and online verification software has been credited for the improvement.

"This is... clear proof that our endeavours to fight fraud are packing a punch." Said Melanie Johnson, chair of the UK cards Association.

"Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details," she added.

More sophisticated anti-fraud measures have forced criminals to resort to simpler methods said DCI Paul Barnard, leader of the police cheque and plastic crime unit.

"Many scams involve customers being conned into handing over their cards and Pins, or their telephone banking security details by someone calling, pretending to be their bank or police…

"Be wary of any unsolicited phone calls or emails - never hand over your card and Pin or bank security details in full as neither your bank or the police will ever ask you for these."

(H)



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