News

Credit card fraud declines in UK; ATM fraud still growing

September 1, 2004

Vnunet.com: The use of new technologies is starting to prove effective in the fight against credit and debit card crime, with fraud levels in the UK falling for the first time in nearly a decade. Credit card fraud losses fell by more than 5 percent in 2003 to £402.4 million (U.S. $719.5 million), with bigger drops expected as chip cards and PIN verification are rolled out, according to the Association of Payment Clearing Services (Apacs). Fraud losses resulting from identity theft rose by 44 percent to reach £29.7 million (U.S. $53 million). One of the main areas of fraud growth is in card not present transactions, which along with counterfeit, lost and stolen cards, accounts for 80 percent of all losses. CNP fraud has risen nearly 300 percent since 1999 to £116.4 million (U.S. $208 million) in 2003; ATM fraud increased from £29.1 million (U.S. $52 million) in 2002 to £39 million (U.S. $69.7 million) in 2003.