U.K. credit card fraud on the decline
By UK CreditCards.com
A new report from the UK Cards Association shows initiatives undertaken by industry insiders are helping to reduce the risk of credit card fraud.
Credit card fraud declining
According to the UK Cards Association, an umbrella organisation for the cards industry in the UK, the first six months of 2010 saw a 20% reduction in total fraud losses on UK cards. By June this year, losses had fallen to £186.8m, which constituted the lowest half-year total for a decade. Melanie Johnson, chair of the UK Cards Association, says this can be attributed to the determination on the part of UK card companies to limit fraud losses.
has progress been achieved?
Action has been taken in a number of areas, including the continuing roll-out of improved chip cards in the country. Dialogue is also continuing with vendors to ensure they are fully aware of how to protect their chip-and-pin technology from criminal attack, while increasing numbers of stores and customers are signing up to schemes such as MasterCard SecureCode and Verified by Visa. Meanwhile, banks and retailers are making greater use of fraud detection tools and chip and pin is being more fully embraced abroad.
However, the UK Cards Association has pointed out that figures produced by the National Fraud Authority show credit card fraud is relatively insignificant when measured against fraud in all its various forms. Indeed, card and banking fraud accounts for less than a 2% share of the overall level of fraud in the UK. Even so, Ms Johnson has assured consumers that the UK Cards Association is not about to rest on its laurels. "These figures are testament to the importance that the UK's card companies place on driving down card fraud losses and reducing any inconvenience to customers," she commented. "We are determined to make sure that customers feel as safe and secure as possible when they use their cards."
Published: 14 October 2010
- What is SIM card fraud -- and how can you avoid it? – While banks and phone companies are working to prevent SIM card fraud, you should take preventive steps, too ...
- Your card's security code explained – What is the short code on the back of your card called, why is it important and how is it evolving? ...
- Why are some consumers still being charged high transaction fees? – Despite rules regarding transaction fees, some companies are still tacking on too much to credit card purchases ...