Credit card fraud at lowest level for a decade…. but telephone scams on the rise

Credit and debit card fraud has fallen to the lowest levels since 2000 and in the last year alone it has dropped by 7%, to £341 million.

The latest figures from The UK Card Association found that fraud levels have fallen to a ten-year low and this is largely due to an improvement in credit and debt card security.

Over the last three years, fraud losses on UK cards fell by a significant 45%. Online banking has also seen a reduction in money lost through fraud, from £46.6 million in 2010 to £35.4 million last year.

Despite efforts to keep fraud at bay, the number of telephone scams increased by a massive 32% between 2010 and 2011.

Cheque fraud also increased over the same period, by 17%. Fraudsters are stealing genuine cheques and altering the payee name or user details from genuine cheques to create counterparts.

DCI Paul Barnard who heads up the industry-sponsored police squad, the Dedicated Cheque and Plastic Crime Unit, commented: “As technological advances have made our payments more secure, we’ve seen a spike in more simplistic crimes.”

Criminals are using fake email addresses and fooling consumers into handing over their security details, as DCI Barnard explained: “Many scams involve customers being conned into handing over their cards and PINs, or their telephone banking security details by someone calling, pretending to be their bank or police.”

Melanie Johnson, Chair of The UK Card Association, believes that more consumers are actively protecting their finances: “Customers have played their part in driving down losses by taking heed of advice about looking after their personal and financial details,“ she said.

“Fortunately, they can always be confident that if they are the innocent victim of fraud, they have excellent fraud protection that they don’t get if they use cash.”

John Lewis

John has worked within the Debt Management side of the company since January 2009 having previously worked for the court service in the Probate and Magistrates service.

Originally employed as a Customer Liaison Officer, John was promoted to manager of the group’s acquired brands within Debt Management in 2010.

John is responsible for the running of our aquired brands customer service team and also the court work team, whose function is to assist and support Debt Management clients through the often complex and confusing CCJ process.

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Credit card fraud at lowest level for a decade…. but telephone scams on the rise

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