Credit card fraud reaches record levels
Credit card fraud has reached a record £535m and was driven by a huge increase in the amount stolen from British card holders abroad, new figures today show.
The 25 per cent increase has been caused, in the main, by a 77 per cent, or £90.5mn, rise in fraud in countries yet to upgrade to chip and PIN.
Domestically, over the counter credit card fraud has dropped two-thirds to £73m over the three years since the new technology was introduced and online banking fraud losses are down a third to £22.6m.
The US, Italy and Australia are the three countries where holiday makers are most likely to suffer theft. Although Italy and Australia are both introducing chip and PIN, America has steadfastly refused to sign up for the anti-fraud technology.
Sandra Quinn, of APACS, the credit card industry body said: “Although card fraud levels have now begun to go up again due to fraud abroad and card-not-present fraud losses, chip and PIN has proven to be an undoubted success in reducing card fraud on the UK high street.
"And, as more countries follow our lead and upgrade to chip and PIN, the opportunities for criminals to use our stolen magnetic stripe details overseas will decrease."
