Credit Card Fraud increasing

Despite Chip and Pin technology we are still experiencing a rise on credit card fraud. Mainly from stolen cards, but also from counterfeit cards too.

The Association of Payment Clearing Services has seen this 25% increase in card fraud, the first in 3 years, and reports they were mainly due to cards that were stolen or copied and used overseas.

Half of the money lost is now through buying online, over the phone or by mail order - cases where the card holder doesn’t need to be present. Monetary losses are calculated to be around £535 million.

Overall though, Chip and Pin has brought about a significant reduction in the increase of card fraud committed, and it has seen a drop in fraudulent transactions at cash points and in shops.