Credit card fraud drops dramatically in U.K.
October 8, 2009
New figures just released show that there has been a dramatic decline in credit card related fraud in the U.K. this year. According to research by Financial Fraud Action U.K. incidences of fraud involving credit cards fell by 23% in the first half of the year compared to the same period the year before. The first half of 2008 saw the cost of card fraud hit £304.2 million. The same period in 2009 saw that figure drop to £232.8 million.
Experts say that the reasons for this could be that criminals were now turning to the internet to target people’s online banking habits. They also said that many card fraudsters were also looking at targeting bank accounts set up in other countries. Katy Worobec, head of fraud control at FFAUK said that the reduction in fraud was also down to banks and retailers employing more sophisticated fraud detection measures in the U.K.
The report also shows that the cost of fraud on cards used by U.K. citizens whilst traveling abroad had dropped by 45%. However the cost on cards used in the U.K. which have been issued abroad has risen by 36% prompting speculation that the weak pound and stronger security on U.K. issued cards has tempted criminals to focus on less secure cards from abroad.
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