News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• May 2012
• April 2012
• March 2012
• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011

Newsletter

Credit card fraud 'on the rise'

By Sarah Engle, Tue 19 Aug 2008 - Published in Credit Cards

Businesses need to do more to protect themselves and their customers from credit card fraud, according to the Retail Motor Industry Federation (RMIF).

It states, although chip and Pin technology was introduced in 2004 in a bid to increase security, the problem is still on the rise.

During 2007, total credit card losses in the UK reached £535.2 million, an increase of 25 per cent on 2006.

Meanwhile, counterfeit credit card fraud, where fake cards are used in combination with stolen details, increased to £144.3 million over the same period, a rise of 46 per cent.

However, chip and Pin does seem to have had a positive effect on face-to-face card fraud.

This has fallen 67 per cent from £218.8 million to £73 million between 2004 and 2007.

Ray Holloway, RMIF director of independent membership, said any businesses that have not already done so should upgrade to chip and Pin as soon as possible.

He added: "There are also training courses available that help retails staff identify counterfeit and stolen credit cards."

Elsewhere, the National Consumer Council has praised a new service which helps victims of identity fraud set their credit record straight.