News

Credit card fraud soars to $972.7 million in UK

March 16, 2005

The Register: UK losses to credit card fraud soared to £504 million (U.S.$972.7 million) in 2004, up 20 percent on 2003, according to the annual report by payments organization APACS.

Card-not-present fraud continues to be the biggest single type of fraud, up 24 percent to £150.8 million (U.S. $291 million) in 2004. APACS said these losses grew in line with the growth of businesses now offering transactions made by phone, fax or online. Identity theft was up 22 percent, but accounted for only £36.9 million (U.S. $71.2 million) in losses.

Counterfeit cards accounted for losses of £129.7 million (U.S. $250 million), up 17 percent, while stolen or lost plastic is blamed for £114.4 million (U.S. $222.7 million) in fraudulent transactions, many of which took place at ATMs. Fraud at UK cash machines grew by 81 percent to £74.6 million (U.S. $143.9 million) in 2004, up from £41.1 million (U.S. $79.2 million) in 2003.