Of Special Interest
2nd October 2012
UK Card Fraud rises
UK card fraud rose 9% when comparing first half of 2012 with first half 2011. This followed successive years of reduction. To place this rise in context it was still marginally lower than 2010 and 39% down on 2008. Fraud as a percentage of card spend was down during the last year, by 0.003%, to 0.063%. Total losses during the first half were £185m.
The two main trends that Financial Fraud Action and the UK Cards Association focus on are deception using phone calls and websites seeking to extract information from the cardholder. With phone calls they focus on calls pretending to be from the bank of card company pretending to be from the fraud department. The call asks the customer to confirm detail by inputing card information through their telephone keypad. The fraudster gathers all the information required for the fraud in this manner. This is a variation on the other trend highlighted which has been around longer, the Phishing site, again often posing as a bank or card company site and seeking to get the person to enter all the information needed for the person to use the card.