Advertisement

U.K. Card Fraud Drops 3% in 2010

Jan. 27, 2011

Card fraud has now affected a total of 13 million people in the U.K., according to new research from CPPGroup plc, a York, England-based marketing services company specializing in card and identity security. The Card Fraud Index reported that 20 percent of victims had the magnetic stripe on their card cloned at an ATM or via a Chip and PIN machine—a 3 percent increase on 2009. Online fraud accounts for another 20 percent with criminals using the internet to obtain card details. Overall, however, The U.K. saw a 3 percent reduction in the number of card fraud incidences in 2010 with 7 percent of people saying they had suffered from card fraud in the last 12 months compared to 10 per cent in 2009. Victims of card fraud reported the average amount stolen was £417 ($663.24) with one in 20 reporting losses of more than £2,000 ($3,181). "[The decrease] is good news and shows how progress is being made to reduce the number of victims,” said Sarah Blaney, card fraud expert at CPP. “In particular, online fraud has decreased, which could be a result of industry initiatives such as Verified by Visa and MasterCard SecureCode.”



Advertisement


  • Supreme Court Will Not Hear Durbin Case - Jan. 22, 2015
    Supreme Court Will Not Hear Durbin Case

    The U.S. Supreme court yesterday declined to review an appellate decision affirming the caps on debit interchange and network routing requirements formulated under the Durbin Amendment to the 2010 Wall Street reform package.

  • President Unveils Sweeping Cybersecurity Initiative - Jan. 15, 2015
    President Unveils Sweeping Cybersecurity Initiative

    On Tuesday, President Obama unveiled a comprehensive package of cybersecurity legislation that features incentives for private/public information sharing, criminalizing certain cybercrime-related activities and implementing a national standard for breach notification.

  • EU Agrees to Interchange Legislation Including Caps - Dec. 22, 2014
    EU Agrees to Interchange Legislation Including Caps

    The most recent chapter in efforts to cap interchange fees in Europe ended last week when the European legislators reached an agreement in principle with member nations capping cross-border interchange fees at 0.2 percent per debit-card transaction and 0.3 percent per credit-card transaction.

  • Alibaba Threatening Main Street? - Dec. 18, 2014
    Alibaba Threatening Main Street?

    The Alliance for Main Street Fairness (StandWithMainStreet.com) has produced a television ad warning that, after its enormous IPO, Chinese e-commerce company Alibaba.com will take advantage of current tax law to "decimate local retailers."

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

* Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here