Figures published by the UK Cards Association
show that fraud losses on UK cards, cheques and online bank
accounts have all fallen in the last year.
Total fraud loss on UK cards fell by 17% to
£365.4 million in 2010 – the lowest annual total since 2000.
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The UK Cards Association identifies a number
of factors that have contributed to the drop, including: increased
awareness among retailers regarding the protection of their chip
and PIN equipment from criminal attacks, greater sign-up to online
fraud prevention initiatives such as MasterCard SecureCode and
Verified by Visa, improved industry sharing of fraud data,
increasing use of fraud detection tools by banks and retailers, and
upgrades in chip technology.
Online banking fraud losses totalled £46.7
million in 2010 – a 22% fall on the 2009
figure. The Association attributes this fall
to customers better protecting their own computers with
up-to-date anti-virus software combined with banks’
use of sophisticated fraud detection software. This decrease has
occurred despite a continuing rise in phishing attacks, up 21% from
2009.
“Whilst another drop in fraud is good news,
the fraudsters haven’t shut up shop, which is why there can be no
room for complacency on the part of the banking industry,
retailers, law enforcement or indeed customers themselves,” said
Detective Chief Inspector Paul Barnard, head of the Dedicated
Cheque and Plastic Crime Unit (DCPCU), the specialist police unit
that tackles fraud.
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By GlobalData
