Credit card fraud shows big decrease

Published on 11 March 2010 by arun singh

Credit card fraud shows big decreaseCredit card fraud has dramatically fallen, according to the latest industry figures.

Losses on UK cards fell by 28 per cent last year to just over £440 million, a decrease of £170 million on the previous year’s total.

It’s thought that industry initiatives designed to tackle the problem are to account for the decline.

Just some of the recent measures include the introduction of chip and pin cards and safer protection for credit card transactions on the internet.

Cheque fraud is another area which saw a large fall in overall levels of fraud, declining by almost 30 per cent.

But worryingly there has also been a 14 per cent increase in online banking fraud, with criminals using increasingly sophisticated methods to gain customer details.

So-called ‘malware’ computer programmes and email ‘phishing’ scams are just some of the methods that are being used to gain passwords and account numbers.

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