Credit card fraud 'on the rise' - Credit cards - News - Moneyfacts


Credit card fraud 'on the rise'

Credit card fraud 'on the rise'

Category: Credit cards

Updated: 31/10/2008
First Published: 09/10/2008

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 It is now over 6 months old so the content may be out of date.

Cases of fraud in which a victim's debit or credit card details are obtained through scams have risen by nearly 60 per cent in the last year.

Research by Cifas, the UK's fraud prevention service, has revealed that accounts are increasingly being taken over as a result of phishing scams.

And the service also noted a rise in misuse of facility fraud, which sees offenders open accounts or other facilities with the intention of using them for fraud.

Debit and credit cards have been used for 17 per cent more cases this year than in 2007, while bank accounts have seen an increase of 62 per cent.

Chief executive of Cifas Peter Hurst stated: "As people feel the pinch in the economic downturn, many take more desperate measures to make ends meet. Whatever the root causes of this rise, fraud never goes out of fashion."

Last week UK payments association Apacs found that fraud carried out on lost or stolen credit cards had fallen by 11 per cent in 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 Any products featured may be withdrawn by their provider or changed at any time.

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