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"Rise in card fraud levels seen"

By admin | December 17th, 2008 | Credit Cards

According to a recent report consumers in the UK have seen credit card fraud levels rise in the fist six months of this year, with losses of over £300 million seen during this period. Compared to the same period of the previous year this figure reflects a rise of around 14%. According to officials from APACS around 40% of this credit card fraud has taken place abroad, and one of the major problems that continues to affect credit card fraud levels is counterfeiting.

This period also saw online banking fraud suffer a 185% year on year increase, but the goods news is that credit card fraud stemming from lost or stolen cards and fraudulent transactions at High Street retailers dropped due to Pin and Chip technology, which has made fraud more difficult in certain circumstances.

Over half of all losses have been put down to CNP credit card transactions, which include telephone and Internet transactions where the credit card does not have to be present for a transaction to be made.

In the past three years credit card losses overseas have rocketed by around 190%, with many fraudsters creating counterfeit cards for use in countries that do not use Chip and Pin technology.

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.”

The European banking industry is due to roll out Chip and Pin technology in 2010, and officials have said that this will make credit card fraud abroad more difficult, which could help to bring down the level of credit card fraud. Thanks to Chip and Pin the losses at High Street retailers have fallen from £73.2 million in the first quarter of 2005 to £47.4 in the first quarter of 2008.

Tags: chip and pin, credit card fraud

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