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"Reports of increased credit card fraud levels"

By admin | December 31st, 2008 | Credit Cards

Recently released figures have shown that there were £300 million worth of credit card fraud related losses in the first half this year, with the first six months of the year seeing credit card fraud levels rise. The figures indicate that in the first half of the year there was a rise of 14 percent in credit card fraud levels compared to the same period in the previous year.

Officials from the payment clearing agency APACS have said that around 40 percent of all credit card fraud now takes place abroad, with many Brits becoming victims of credit card fraud when they go overseas.

One of the major factors that have contributed to credit card fraud levels abroad is the issue of counterfeiting, where fraudsters use cloned or counterfeit cards to commit fraud. However, other areas of finance have also suffered increases in fraud levels, such as online banking, which has seen a 185 percent year on year increase.

On a lighter note credit card fraud on lost or stolen cards has fallen, as have fraudulent transactions on credit cards at High Street retailers, which have been affected by chip and pin technology.

Credit card fraud levels in destinations where chip and pin technology is not used is rife, and this is because consumers do not have the protection of chip and pin, which can deter fraudsters, which is why consumers need to be very careful when using the card overseas in a place where chip and pin is not deployed.

One industry official said: “Criminals continue to target those areas where we do not currently have the security benefits of chip and PIN, causing increases in fraud abroad and phone, internet and mail order shopping fraud.”

Tags: chip and pin, credit card fraud

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