Increase in plastic card fraud : Credit Card Guide

Increase in plastic card fraud

A recent report has shown that there was an increase in the level of fraud committed on British plastic cards, such as debit and credit cards, in the first half of this year.

online credit card use

According to many experts this increase has been largely caused by the level of fraud committed on British plastic cards abroad. The level of plastic card fraud has risen by a quarter in the first half of the year according to recent figures.

There was a total 26% rise in plastic card fraud in the first half of the year, taking the level of fraud to £263.6 million according to figures from APACS. However, the level of fraudulent use on UK plastic cards abroad jumped by 126%, coming to almost £110 million. Experts state that it is this overseas fraud on UK issued credit cards that has driven the total increase in the first half of this year.

According to Sandra Quinn from APACS: "These figures show how the fraudsters have changed tack. A couple of years ago they were mainly stealing cards and card details for use in UK shops and cash machines. But today, because of chip and PIN, they have been driven overseas -- using fake magnetic stripe cards specifically in countries which have yet to upgrade to chip and PIN."

On the other hand the level of credit and debit card fraud on the streets within the UK has fallen, and this is as a result of Chip and Pin technology state experts. However, CNP or Card Not Present fraud, such as Internet card transactions, has also risen as a result of fraudsters finding other avenues through which to commit fraud where Chip and Pin is not needed.

Tom Smith
26th October 2007

Recent posts:

Share this Story