Credit Card Fraud Decreases
With the use of credit and debit cards increasing all the time, the issue of card fraud is always an important consideration. Credit card providers and card processors are now focusing their attentions on providing ever more sophisticated security systems to stay one step ahead of the fraudsters, but there will always be an onus on the customer to act in a responsible manner to prevent fraudulent use of their card.
In the UK APACS, the Association for Payment Clearing Services, monitors and reports on credit card fraud in a six monthly report and the statistics show that card fraud had reduced by 25 per cent in the two years following 2004 but 2007 brought a 25 per cent increase largely caused by higher levels of phone, internet and mail order fraud, where the card holder is not present and an even bigger increase in counterfeit card fraud, where cards are skimmed or cloned. This type of fraud increased by almost 50 per cent and made up over a quarter of all card fraud.
By far the biggest area for concern is card fraud that takes place abroad. Of the
