Credit card fraud hit lowest levels for a decade
Credit card fraud levels have reached a new ten-year low, as losses continue their downward trend.
The UK Card Association revealed that as well as fraud hitting the lowest level for a decade, online banking fraud losses have also decreased.
Over the past three years credit card fraud fell by nearly 45%. In the last year alone, theft has decreased by 7% to just £341 million compared to £365.4 million in 2010.
An increase in security measures for online banking and telephone banking has made it much harder for fraudsters to bypass the system and get their hands on consumers’ cash.
Melanie Johnson, Chair of The UK Cards Association claimed that the fall in fraud losses was “clear proof that our endeavours to fight fraud are packing a punch.”
"Driving down fraud and keeping cards safe continues to be a priority for the industry. This is the third year card fraud losses have fallen.”
“Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details. Fortunately, they can always be confident that if they are the innocent victim of fraud, they have excellent fraud protection that they don't get if they use cash," she added.
Internet banking fraud losses fell by 24% in 2011 as consumers gained more knowledge of how to protect their own computers and banks put high-tech fraud detection systems in place.
Despite efforts to keep up-to-date with the latest online security systems, a number of telephone banking fraudsters are still slipping through the net. Figures show that telephone banking fraud actually increased from 2010 to 2011 by a massive 32%.
Criminals using fake email addresses or cold calls duped a number of consumers into handing over their personal informational and security details.
Credit card protection is still vital despite low fraud levels as ID theft could lead to other serious financial implications.