After reaching an all time high in 2008 (£610m), the amount of money lost to fraud on credit cards has fallen to £341m, a 7% decrease since last year and the lowest level for 11 years.
According to the UK Cards Association, this is the third year that card fraud has experienced a decrease, which could in part be down to the increased use of anti-fraud measures.
Online card verification software such as Verified by Visa, MasterCard SecureCode and card readers now used by most high street banks are just a few of the preventative measures which have been implemented during the past few years.
UK Card Association chair Melanie Johnson said “This is… clear proof that our endeavours to fight fraud are packing a punch.”
She later added: “Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details,”.
However, whilst the levels of card fraud do appear to be gradually decreasing over time, experts recommend that consumers still remain vigilant, as whilst technology to prevent these occurrences is becoming more sophisticated, fraudsters and now reverting to older and simpler methods.
According to DCI Paul Barnard who heads the police cheque and plastic crime unit, many scams are now involving customers handing over their banking details to fraudsters who call pretending to be the bank or the police.
“Be wary of any unsolicited phone calls or emails – never hand over your card and Pin or bank security details in full as neither your bank or the police will ever ask you for these.” He said.
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