U.K. CNP Fraud Edges Down
March 8, 2012
Card-not-present fraud in the U.K. fell three percent in 2011 compared to the year before, according to a report yesterday by the U.K. Cards Association. While fraud on CNP transactions has dropped in the country every year since 2008, it remains the largest contributor to the overall total, accounting for nearly £221 million ($348 million) of the £341 million ($537 million) lost to card fraud last year. The overall number is down seven percent from 2010 and nearly 45 percent from three years earlier.
“Driving down fraud and keeping cards safe continues to be a priority for the industry,” says Melanie Johnson, chair of The UK Cards Association. “This is the third year card fraud losses have fallen—clear proof that our endeavors to fight fraud are packing a punch. Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details.”