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Secure Transactions News

UK fraud on debit and credit cards fell by 28%

Thursday 18 March 2010

Online banking losses totaled GBP 59.7 million (EUR 65.7 million) in 2009 – a 14% rise on the 2008 figure. This increase is largely due to criminals using more sophisticated methods to target online banking customers through malware, which targets vulnerabilities in customers’ PCs, rather than the banks’ own systems which are more difficult to attack. There were also more than 51,000 phishing incidents recorded during 2009 – a 16% increase on the amount seen in 2008. Unfortunately some customers are still falling victim to these scams.

Phone banking fraud losses were collated for the first time in 2009 and totaled GBP 12.1 million (EUR 13.3 million). Most losses involve customers being duped into disclosing security details - through cold calling or fake emails - which the criminal then uses to commit fraud.

Cheque fraud losses decreased from GBP 41.9 million (EUR 46.1 million) in 2008 to GBP 29.8 million (EUR 32.8 million) in 2009. The overwhelming majority of attempted cheque frauds get stopped before the cheque is paid. The industry’s ongoing work to prevent cheque fraud - particularly through its use of fraud prevention profiling - has played a key part in driving these losses down.