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Banking police thwart fraudsters to tune of £400m

Banking police thwart fraudsters to tune of £400m

Category: Money

Updated: 25/04/2012
First Published: 25/04/2012

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 It is now over 6 months old so the content may be out of date.

Ten years since it was established, the banking industry police has managed to thwart fraudsters to the tune of £400 million.

The unit which is charged with tackling UK card and cheque fraud crime is known as the Dedicated Cheque and Plastic Crime Unit (DCPCU).

The figures from the UK Cards Association show the success that the force has had since it was launched in April 2002.

Since its inception, the DCPCU has:

  • Achieved £400 million in savings from reduced fraud activity - equating to £750,000 per week.
  • Recovered 75,000 counterfeit cards
  • Recovered 331,000 compromised card numbers
  • Secured 269 convictions on fraud related matters - an average of more than one successful prosecution per fortnight over the last decade.

The unit, which includes officers from the City of London and Metropolitan police forces, is fully sponsored by the banking industry, with almost £5 million a year invested in the operation.

The UK Cards Association says that the work of the unit has 'undoubtedly contributed to the current downward trend in card fraud losses'.

Card losses amounted to £341 million in 2011 - a 44% decrease over the past three years (losses were £609.9 million in 2008).

"The success we've had in cracking down on card and cheque fraud over the past ten years is down to very effective collaboration," said Detective Chief Inspector Paul Barnard, who heads up the DCPCU.

"By working hand-in-hand with the banking industry and other police forces we continue to disrupt the organised gangs committing these crimes, sending out a strong message to them that they will be caught and brought to justice."

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