Financial Services > e-banking > Banking news
Significant reduction in online banking fraud reported

Thu, 14 Oct 2010

Online banking and credit card fraud in the UK has been reduced by 36 per cent, it has been revealed. With stricter security measures being introduced by banks, and new 'chip and pin' cards helping to bring down the amount of card fraud, the banking industry feels that their approach to fraud prevention is finally having an effect.

With the amount of banking fraud, both online and offline, now at its lowest in a decade, UK banks and card companies have driven down fraud losses and the inconvenience it brings on customers.

Figures released by the UK Cards Association has also shown that losses from fraud on UK credit cards fell by 20 per cent to USD298 million in the first six months of 2010, down from a high of USD972 million in 2008.

Although online banking fraud was reduced by over a third in the first half of 2010, to USD40 million, the UK Cards Association still remains concerned about losses. It stated "Over the past five years, fraud losses in this area have been fairly volatile over a six-month period, so this decrease is not necessarily the start of an ongoing trend."

It added "Given this, and the fact that fraudsters are still focusing on this type of fraud, the industry will continue to advance its crime prevention initiatives in this area."
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