Credit Cards & Loans
Card fraud hits five-year peak
Bank card fraud in the first six months of this year rose to its highest level since 2008.
Card fraud hit its highest half-yearly level since 2009 as fraudsters tricked consumers into handing over details.
According to Financial Fraud Action (FFA), £216m was lost to fraudsters on credit and debit cards between January and June 2013 – a 17% rise on the first half of last year. However this was considerable less than the peak of £304m in 2008.
Fraudulent activity has increased by 23% on the phone and internet, as online shopping grows in popularity. ID theft has risen by 24% and counterfeiting, which involves ‘cloning’ or ‘skimming’ cards is up 15%.
In June, the FFA issued a warning regarding “shoulder surfing”, which is when thieves look over your shoulder while you are keying your pin number at a cash point, then distract you when the card is returned from the machine and snatch it.
“The move towards these low-tech crimes of deception highlights the importance of consumers knowing how they can protect themselves,” said Detective Chief Inspector Dave Carter, head of the dedicated cheque and plastic crime unit.
Click here to view our Sponsored Content Hub
“Whether victims are targeted on the phone or online, we know that these professional conmen are highly persuasive.”
He urged card users to shield their pins when using a cash machine, and check that a website is secure – featuring a padlock icon – when shopping online.