UK sees fraud reduction
(12 March 2010 – UK) The UK has seen its first reduction in card related fraud for the first time since 2006, down to £440 million (A$721 million) last year.
Figures released by the UK Cards Association showed that overall UK card fraud fell 28 percent, or £170 million, between 2008 and 2009.
Card not present fraud reduced by 19 percent, to £266.4 million, while losses attributed to skimming or cloning plummeted 52 percent, to £80.9 million.
ATM fraud also saw a reduction of 20 percent to £36.7 million and face-to-face retail losses dropped 27 percent to £72.1 million.
Card fraud committed abroad dropped dramatically by 47 percent, after steadily growing over the last few years because of the introduction of Chip and PIN in the UK, while fraud within the UK reduced by 16 percent to £317.7 million.
The Association says that while no one reason can be attributed to the reduction, the combination of industry initiatives such as chip and PIN, the increased use of sophisticated fraud detection tools and the work of the Dedicated Cheque and Plastic Crime Unit has had an impact on overall fraud.
Melanie Johnson, chair, UK Cards Association, said that they recognise that cards will always be targeted by criminals, so the association is determined not only to continue to prevent, detect and deter those who are behind this type of crime, but also to make sure that innocent victims don't lose out.
Card not present fraud reduced by 19 percent, to £266.4 million, while losses attributed to skimming or cloning plummeted 52 percent, to £80.9 million.
ATM fraud also saw a reduction of 20 percent to £36.7 million and face-to-face retail losses dropped 27 percent to £72.1 million.
Card fraud committed abroad dropped dramatically by 47 percent, after steadily growing over the last few years because of the introduction of Chip and PIN in the UK, while fraud within the UK reduced by 16 percent to £317.7 million.
The Association says that while no one reason can be attributed to the reduction, the combination of industry initiatives such as chip and PIN, the increased use of sophisticated fraud detection tools and the work of the Dedicated Cheque and Plastic Crime Unit has had an impact on overall fraud.
Melanie Johnson, chair, UK Cards Association, said that they recognise that cards will always be targeted by criminals, so the association is determined not only to continue to prevent, detect and deter those who are behind this type of crime, but also to make sure that innocent victims don't lose out.
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