Credit card
fraud in the UK has fallen for the first time in 8 years according
to the latest figures from the Association for Payment Clearing
Services (APACS). Total card fraud is now reported at 402.4
million pounds (2003) down from 424.6 million pounds (2002).
The reduction is largely due to a clampdown on European counterfeiters
with counterfeit card fraud down by 28 percent to 106.7 million
pounds (2003) from 148.5 million pounds (2002). Fraud on lost
and stolen cards also decreased by two percent to 106.1 million
pounds (2003) from 108.3 million (2002).
However, Cardholder Not Present (CNP) fraud which accounts
for transactions carried out in relation to mail order, phone
shopping and web eCommerce rose by 6% to 116.4 million pounds
(2003) from 109.8 million (2002). Customer Not Present fraud
is now the largest category of fraud in terms of value of
losses.
The category with the largest percentage increase in fraudulent
card activity is identity theft which has grown 45% to 29.7
million pounds (2003) from 20.6 million (2002). Fraud at cash
machines has also increased by a third (34%) up to 39 million
pounds (2003) from 29.1 million pounds (2002).
Despite all this, the chances of becoming a victim of card
fraud are reported as still being low. Fraudulent transactions
make up only 0.130 % of all card fraud or about 1 in every
770 transactions !
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