Chip and pin reduces some forms of credit card fraud, figures show - Credit cards - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Chip and pin reduces some forms of credit card fraud, figures show

Chip and pin reduces some forms of credit card fraud, figures show

Category: Credit cards

Updated: 31/10/2008
First Published: 03/10/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The introduction of chip and pin technology has reduced the level of fraud carried out on lost and stolen credit cards in the UK, figures have shown.

According to Apacs, the value of fraud carried out on all plastic cards that have been lost or stolen has dropped from £44.3 million in 2005 to £27.3 million this year, with an 11 per cent decrease in the last year alone.

But the UK payments association also revealed that overall card fraud has increased by 14 per cent since 2007.

This was attributed in part to an increase in credit card fraud carried out online and Apacs director of communications Sandra Quinn urged consumers to take steps such as installing anti-virus software on computers in order to protect themselves.

"Apacs is launching a new campaign later this month - Be Card Smart Online - which is aimed at providing further guidance and advice to help consumers stay safe online," she added.

Last month the BBC reported that hundreds of people in the village of Balsall Common had their credit cards cloned over the last year.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Credit card mistakes cost borrowers £948m

At this time of year, many people could be turning to balance transfer credit cards in an attempt to overcome their Christmas debt. However, many of these borrowers could get caught out in the year ahead, and they could end up paying for it.

6 of the best balance transfer credit cards

Does the thought of opening your credit card bills fill you with fear? If so, you're not alone! Christmas may be over, but unfortunately, many people will still be paying for it, after turning to credit to cover the cost of their festive spend.

Get a better credit score for the New Year

A new year means a fresh start, and one of the best things you can do is take a cold, hard look at your finances – particularly when it comes to your credit score.