Credit card fraud increases to £535million

[12th March 2008]

There was a 25% increase in UK credit and debit card fraud last year, with losses reaching £535m, according to new figures published by the Association of Payment Clearing Services (Apacs).

Credit card fraud fell in 2004 when chip and pin was introduced to the UK. This is the first time this type of crime has risen in three years. Apacs said that this is mostly due to overseas card fraud, which rose by 77% last year to £208m. However, banks across Europe have agreed to bring in chip and pin cards by 2010.

Card fraud has also risen due to stolen cards being used to buy items over the phone or internet. Fraud in shops and supermarkets has fallen over the last three years, as have losses at ATM machines, which has fallen by 44% over the last year to £35m.

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