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Report shows fall in credit card fraud committed overseas

Report shows fall in credit card fraud committed overseas

(1 July 2005 – UK) Credit card fraud committed overseas using cards issued in the UK has fallen to a five year low despite overall credit card fraud growing by a fifth in 2004, according to industry body for cards issuers Apacs. The body said the total amount of fraud committed using UK credit cards in 2004 was ₤92.5 million, which represented a significant drop from the figure of ₤138.4 million just three years earlier.

This is despite credit card use overseas having grown 93 percent over the past five years.

Total fraud for UK issued credit cards in 2004 was ₤505 million – of which overseas use comprised 18 percent – representing a 20 percent increase on the 2003 figure.

Apacs said the reduction in fraud overseas could be attributed to improved detection systems that allowed card issuers to notice unusual spending patterns that were typical of fraudulent use of credit cards.
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