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"Drop reported in plastic card fraud"

By admin | November 3rd, 2009 | Credit Cards

It has been reported recently that there has been a drop in the level of plastic card related fraud across the UK during the first half of this year.

The figures were released by the industry group Financial Fraud Action UK, and the data suggests that fraud on plastic cards in the first half of this year was down by an impressive 23 percent compared to the first half and the second half of last year.

In the first six months of this year losses are said to have totalled around £233 million, which reflected the 23 percent fall in plastic card crime, which has become a matter of great concern over recent years, with fraudsters using increasingly sophisticated methods to conduct this sort of criminal activity.

Some experts believe that the reason for the drop is that fraudsters are now targeting foreign plastic cards.

Whilst the news about the drop in plastic card fraud will be welcomed by the industry and by consumers, reports also suggested that there had been a sharp increase in online banking fraud, which is said to have increased by a massive 55 percent compared to the first half of last year.

Referring to the drop in card crime one industry official said: “Although it’s difficult to prove, we think that one of the reasons for this dip in card losses may simply be as a result of fraudsters realising that they can prosper more by targeting foreign-issued cards.

Particularly those without chip-and-pin protection and which currently have stronger currencies than sterling.

The fact that we’ve seen a 36% increase in the first half of this year in the amount of fraud being committed on foreign-issued cards here in the UK adds some weight to this theory.”

Tags: credit card fraud, Credit Cards, Financial Fraud Action UK

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