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Overall drop in card fraud
The Association for Payment Clearing Services (Apacs) has said that money stolen using credit, debit and store cards fell by 3% in 2006. According to Apacs the total loss to banks, other finance companies, retailers and individuals was £428m.
Credit Card Fraud Levels Dropping
The overall drop in fraud is largely due to the widespread use of chip and pin cards since 2004. Theft using lost or stolen cards has now fallen to £68m and losses due to intercepts in the post have fallen to £15m. Prior to this card fraud was on the increase and had reached a total of £500m.
However, although the new technology has meant a significant reduction in fraud over the counter in the UK, it seems criminals have turned to other methods. Fraud on transactions which do not use chip and pin has increased by 16% to £213m. This is nearly half of all card fraud and includes sales by mail order, phone or the internet where the card is not present. In addition £100m was lost to fake cards which were skimmed or cloned. This was rise of 3%. There has also been an increase in the use of stolen cards abroad, in countries where chip and pin systems are not fully implemented.
