Chip and PIN combating fraud on credit card deals
By UK CreditCards.com
Published: 25 March 2009
Chip and PIN technology is helping to fight credit card fraud -- despite the amount of losses from the crime increasing last year.
According to UK payments association Apacs, £609.9m was fraudulently taken from credit cards in 2008, almost £75m more than in 2007. However, Apacs revealed that the main growth areas for the crime are those that cannot be stopped by chip and PIN, such as online transactions.
Additionally, losses as a percentage of total turnover reached 0.12% last year -- down from 0.14% in 2004, when chip and PIN began being used throughout the UK.
"This reflects the positive effect of chip and PIN as well as the fact that we continue to use our cards more and more each year," Apacs said in a statement.
One type of credit card fraud that is on the increase is cash machine skimming, where a small electronic device is used to duplicate credit card details as individuals take out money.
Cash machine operator Link recorded 635 attacks in 2008, 17% more than the year before.
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