'Card fraud losses fall by 23%'
Card fraud losses on debit and credit cards fell in the first half of this year compared to the same time last year, according to the voice of the industry for financial fraud matters.
The latest statistics released by Financial Fraud Action UK showed card fraud losses were down 23% during this period to £232.8 million.
The first half of 2009 also saw the first ever decline in card-not-present fraud losses.
Losses from phone, internet and mail order shopping fraud have fallen to £134 million.
This could be thanks to sophisticated fraud screening detection tools that are increasingly used by retailers and banks.
Online payment systems including MasterCard SecureCode and Verified by Visa could also have helped tackle online card fraud.
Head of fraud control at Financial Fraud Action UK, Katy Worobec, commented: "These latest fraud figures are good news but we know there's no room for complacency."
To help protect them from fraud, Equifax spokesperson Neil Munroe suggested consumers should never respond to emails asking for information on bank accounts, which could include credit card details.
Written by Jack Ramsey
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