Credit card fraud reaches new heights

08 March 2005
Credit card fraud cost in excess of £500 million last year, with £152.3 million of those losses occurring in Greater London alone, new statistics released today suggest.

Moreover, losses from fraud on credit cards and cash cards are rising by £3 million per week.

The theft of credit cards and cash cards in the post is a major growth area for fraudsters, with 2004 losses in this field rising by 54 per cent to £29.6 million.

Losses from "skimming" also rose by 85 per cent over the last year.

However, the industry is confident that new security measures will soon begin to reverse this tide.

Sandra Quinn, director of APACS, told the Evening Standard newspaper, "any fraudster worth his salt knows this is probably the last year he is going to get easy access to cards. I'm pretty sure 2005 figures will show an improvement."

APACS claims that without new Chip and Pin technology, fraud would rise to £800 million by the end of 2005.

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