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Card fraud continues to fall

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by Kay Mitchell

The UK Cards Association has today revealed that credit and debit card fraud continues to decline.

According to the Association, fraud losses on UK credit and debit cards totalled £187 million in the first six months of 2010 – a fall of 20%.

The group attributed the ongoing fall to a number of factors – one being the introduction of chip-and-pin.

In the meantime, online banking fraud also dropped by 36% on the year to £25 million – with losses falling for the first time since 2007.

This fall was attributed to the efforts which banks and building societies have been making to combat online account fraud.

However, phone banking fraud rose 9% to £6 million but cheque fraud fell 13% – however the later is partly due to the severe decline in cheque usage.

In the 11 year period from 1999 to 2009, almost £5 billion has been lost by the UK banking industry and retailers because of plastic card fraud.

It appears, though, that the series of measures which the industry has introduced in recent years are having a positive impact.

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News posted: October 6, 2010

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