Credit Card Fraud Decreases

Published on 1 January 1970 by Raffick Marday

Credit Card Fraud affects a quarter of all UK adults, but new research suggests this figure has fallen showing people are taking the necessary precautions.

A total of 13 million people in the UK have been affected by card fraud, the annual Card Fraud Index from CPP revealed.

The report showed there was a three percent reduction in the number of card fraud cases in 2010, with seven percent saying they had suffered in the last 12 months compared to 10 percent in 2009.

“We want to see the continued decrease in card fraud and hope that consumers will take responsibility alongside industry initiatives,” commented Sarah Blaney, CPP card fraud expert.

Brighton was named as the card fraud capital with 38 percent of cases occurring there, while London came in second place with 34 percent followed by Manchester with 33 percent.

“The ongoing decrease in card fraud is a very positive sign that industry safety measures and consumers ability to self-protect are improving,” added Dr Bernard Herdan, CEO, NFA.

Most victims, 20 percent, find the method by which their details are abused is by having the magnetic stripe on their card cloned at an ATM or via a Chip and PIN machine – a three percent increase in cases occurring this way from 2009.

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The average amount stolen was £417, with one in 20 reporting losses of more than £2,000, highlighting the continued need for people to be vigilant when using their cards.

If you are on the lookout for aninstant credit card offer investigate how a prepaid card may be a suitable solution.

As there is no overdraft facility and the user can only spend the funds they load onto the card, prepaid cards are quick and easy to apply for, and even those with bad credit history can acquire one.

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