UK card fraud hits £505m

Wednesday, 9 March 2005, 1:01 PM EST

The banking industry hopes that losses in future will be contained by schemes such as Chip and PIN. UK losses to credit card fraud soared last year to £504m, up 20 per cent on 2003, according to the annual report by banking organisation APACS.

Card-not-present fraud (CNP) continues to be the biggest single type of fraud tup by 24 per cent to £150.8m in 2004). APACS said these losses grew in line with the growth of businesses now offering transactions made by phone, fax or online. Identity theft (fraudulent applications and account takeover) was up 22 per cent, but accounted for only £36.9m in losses.

By John Leyden at The Register.

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