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UK credit, debit card fraud down in 2006

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by Elaine Frei

UK credit, debit card fraud down in 2006

The Association for Payment Clearing Services (Apacs) has announced that the amount of money lost to issuers of credit, debit, and store cards was down by 3 percent in 2006. Still the total amount lost to card fraud in the UK reached a total of £428 million last year.

There were definite trends in the methods used to commit fraud with the cards. Fraud using stolen or lost cards was down by 23 percent and fraud using cards intercepted in the mail dropped by 62 percent. However, the use of counterfeit cards rose by 3 percent, ID theft was up by 5 percent, and fraud used in transactions where the card was not present – in making purchases by phone, on the internet, and by mail-order – was up by 16 percent last year.

The amount lost to card fraud in shops and stores was down by 47 percent. This is attributed to the introduction of chip and pin technology now in use in the UK. There is more fraud in face-to-face transactions abroad in nations that have not yet adopted chip and pin.

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News posted: March 14, 2007

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