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.”