Credit card fraud at lowest level in 10 years

By Nicholas Boyle - Financial specialist

According to the UK Cards Association, total fraud losses on credit cards and debit cards dropped by one fifth year-on-year during the six months to the end of June, The Telegraph reports, taking card fraud down to its lowest level in ten years.

The drop was attributed to a range of initiatives - including the introduction of updated chip and pin cards, and work with retailers to help them `protect payment equipment from criminals`.

An increasing number of credit card users are signing up to schemes that make it harder for fraudsters to use their cards online. At the same time, banks are also using more measures to prevent fraudulent credit card transactions.

Figures from the UK Cards Association have shown that losses in all areas of card fraud dropped during the six months - apart from fraud that involves credit cards lost in the post, which increased to £3.8m (a rise of 9%).

Chairman of the UK Cards Association, Melanie Johnson, said: "We are determined to make sure that customers feel as safe and secure as possible when they use their cards. To that end, the banking industry is committed to detecting and preventing card fraud in all its guises."

Tags: credit card, fraud, credit card fraud, low, UK Cards Association

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