UK credit card fraud losses are at their
lowest in a decade, UK Cards Association records show.
The first half of 2010 alone saw a 20 per cent
decrease in fraud compared to last year, reducing total losses from
£232.8 million ($371.1 million), down to £186.8 million.
Go deeper with GlobalData
Losses accumulated by online banking fraud
plunged £14.1 million to £24.9 million.
It is believed efficient banking industry
campaigns, such as MasterCard’s SecureCode and updated chip-and-pin
cards, counteracted thefts and transaction shams.
“These figures [prove] the importance that the
UK’s card companies place on driving down card fraud losses,” said
Melanie Johnson, Chair of The UK Cards Association.
The online fraud trend has been fluctuating
since 2007, when figures dropped from £22.4 million (2006) to £7.5
million, before shooting up to £25.2 million (2008).
Another worrying trend is phone fraud.
Cold calls and hoax emails on behalf of banks
are still proficient deception techniques that increased losses by
9 per cent to £5.8 million since last year.
The Fraud Control Steering Group said it
continues to work with the police and businesses to reduce
fraud.
