UK Money News
12th March 2008
Plastic card scams up 25%
Credit and debit card fraud soared last year with the use of UK cards overseas blamed for the increase.
Data from payments association Apacs recorded a 25 per cent increase in the fraudulent use of UK-registered cards - the first rise in three years and pushing total losses to £535 million.
Apacs said the increase can be attributed largely to overseas fraud, particularly in countries which do not have chip and pin technology.
This was borne out by the fact that this was up 77 per cent to £208 million, accounting for 39 per cent of the total.
However, Sandra Quinn of Apacs was optimistic that this in turn will also be cut in years to come with most countries having plans in place to introduce chip and pin.
She said: "As more countries follow our lead and upgrade to chip-and-pin, the opportunities for criminals to use our stolen magnetic stripe details overseas will decrease.
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