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Credit card fraud falls, online banking fraud grows

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by Kay Mitchell
”Credit

The UK Cards Association has today revealed a fall in credit and debit card fraud – partly due to the introduction of chip-and-pin.

According to the Association, fraud losses on UK credit and debit cards totalled £440.3 million in 2009 – a fall of 28% compared with 2008 and the first annual decline since 2006.

While it is good news that card fraud losses are falling, online banking fraud is on the rise. The total amount of online banking losses reached £59.7 million last year – a rise of 14% compared with the 2008 year.

Meanwhile, research also showed that the number of “phishing” attacks (when fraudsters trick people into providing their personal details on a website or via an e-mail) grew by 16% in the same period.

In the meantime, fraud when UK cards were used abroad also dropped, by 47% to £122.7 million, while a fall in cheque fraud was reported due to fewer people using this method of payment.

Melanie Johnson, chair of the UK Cards Association, comments: “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 – whether in a shop, abroad, online, at a cash machine or anywhere else.

“We recognise that cards will always be targeted by criminals, so we are determined not only to continue to prevent, detect and deter those who are behind this type of crime, but also to make sure that innocent victims do not lose out,” she added.

As a result of the rise in online banking fraud, customers are advised by Stephen Ley at accountancy firm Deloitte, to be “vigilant and use good security software.”

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News posted: March 10, 2010

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