U.K. CNP Fraud Down 8% This Year

Oct. 11, 2011

For the fourth year in a row, card not present fraud in the U.K. during the first half of the year fell, according to the U.K. Cards Association. For the first six months of 2011, fraud losses on CNP transactions in Britain totaled £109.2 million ($171.16 million), down 8 percent from the same period a year ago. The decrease in CNP fraud roughly mirrored the reduction in overall fraud, which fell 9 percent to £160.8 million ($252.04). “Losses are appreciably lower than they were a few years ago and everyone involved in tackling fraud has reason to be encouraged by this, including bank customers who, as their own front-line of defense, have certainly played their part too,” said DCI Paul Barnard, head of the dedicated cheque and plastic crime unit. “However, there has been an increase in old fashioned scams—criminals using distraction techniques and social engineering methods to get hold of people’s cards or phone banking details. We are urging everyone to be on their guard. Your bank or the police will never cold call you or email you and ask you for your login details, cards or PINs. If anyone does, they are probably a criminal, so hang up the phone or delete the email.”