- - Card fraud losses as a proportion of the amount we spent on our cards decreases – from 0.066% during January to June 2011 to 0.063% during the first half of this year
- - Payment fraud losses are only half a per cent of all fraud losses in the UK
- - Figures suggest fraudsters bypassing security safeguards by duping consumers into handing over their own details – industry redoubles efforts to support vulnerable customers
New figures released today (27 September 2012) show
- - Card fraud losses as a proportion of the amount we spent on our cards decreases – from 0.066% during January to June 2011 to 0.063% during the first half of this year
- - Payment fraud losses are only half a per cent of all fraud losses in the UK
- - Figures suggest fraudsters bypassing security safeguards by duping consumers into handing over their own details – industry redoubles efforts to support vulnerable customers
New figures released today (27 September 2012) show that basic frauds, such as distraction thefts and people being tricked into giving their cards, PINs and financial passwords to criminals, have contributed to a small overall increase in card fraud and online banking fraud losses. Cheque fraud losses have also increased, but phone banking losses have fallen by a fifth.
According to The UK Cards Association, total fraud losses on UK cards totalled £185.0 million between January and June 2012. This is a 9 per cent increase on losses in the first half of last year (£169.8 million), but represents a fall of 39% from the total of £304.2 million in the first half of 2008 when fraud was at its peak. Additionally, card fraud losses as a proportion of the amount we spent on our cards has actually decreased – from 0.066% during January to June 2011 to 0.063% during the first half of this year. With technology such as chip and PIN helping to deter fraud, criminals have turned their attention to more straightforward ways of getting hold of people’s cards and PINs. This includes distracting people in shops or at cash machines and then stealing their cards without them noticing, as well as simply tricking them into handing over their cards and PINs on their own doorstep. For example, elderly customers are called by someone claiming to be from their bank and then being told that their debit or credit card needs collecting. From there, they are asked to key in their PIN, following which a courier is sent by the fraudster to collect the card. Four-fifths (80%) of consumers surveyed earlier in 2012 felt anyone could be a potential victim to this fraud, which police warn is on the increase.
As consumer awareness of these scams can help prevent these losses, the industry launched two public awareness campaigns earlier this year1. These advised cardholders to follow simple steps to protect their cards and card details, urging them to be on their guard if they receive phone calls or emails out of the blue from someone claiming to be from their bank or the police. A customer checklist of ways in which consumers can protect themselves from these forms of deception is provided following the detailed break- down of fraud figures.
More information
Read more http://baypaynewsfraud.blogspot.com/2012/09/deception-crimes-drive-small-increase.html