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Credit card fraud 'continues to rise'

Credit card fraud 'continues to rise'

Category: Credit cards

Updated: 20/03/2009
First Published: 19/03/2009

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 It is now over 6 months old so the content may be out of date.

Credit card fraud is costing Britons an increasing amount of money, it has been revealed.

Statistics from UK payments association Apacs showed that the total neared £610 million in 2008, a rise of 14 per cent compared to the previous year.

However, the body noted that transactions have also experienced significant growth and the percentage of turnover that was affected by fraud actually dropped.

The figures showed that losses totalled 0.12 per cent of the amount spent - down from 0.14 per cent four years earlier.

"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," said Apacs.

But credit card holders were warned of the danger of identity theft, as losses through this form of fraud were up 39 per cent.

Fraud prevention service Cifas recently suggested that incidents are rising because consumers are not being careful enough, particularly when shopping online.

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