Credit card fraud rises

Thu, 13 Mar 2008

Debit and credit card fraud increased by 25 per cent in the last year, new figures show.

Research from Association of Payment Clearing Services (Apacs) reveals that despite the introduction of chip and pin, debit and credit card related fraud hit a three year high of £535.2 million in 2007.

The 77 per cent increase in overseas debit and credit card fraud has been seen as largely responsible for the increase in the losses.

Sandra Quinn, director of communications at Apacs, 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."

However, she added that as more countries embrace chip-and-pin systems, fraud should decline.

According to the payments association, card fraud in the UK increased six per cent in 2007.

It singled out London as being the country's worst place for credit card fraud.
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