Its good news as card fraud in the UK was significantly lower in 2010 than it was in 2009. This includes credit cards as well as debit cards and it follows a range of security precautions that have been taken in order to protect customers’ data. This means that if you own a credit card, whether it is an interest free credit card or another type entirely, it was safer at the end of 2010 than it was at the end of 2009.
In terms of the figures: in 2009, ?440.3m was lost to card fraud. In 2010, that figure was down to ?365.4m – in other words, a decrease of around 17%, according to Financial Fraud Action. This is good news for credit card users, but what are some of the reasons for this reduction?
Increased security
Credit card companies and other lenders have been working hard to bolster card security and, as operations increasingly move online rather than taking place in paper form, this is starting to have an impact.
Credit cards themselves are also more secure than they used to be: the advent of Chip and PIN technology means that making payments is now safer than it used to be and so fraud has decreased as a result. Online payments have also been made more secure and so there is less chance of details being stolen while carrying out a transaction.
Increased awareness
There have also been several high profile campaigns warning consumers about the perils of being careless with their information. It is highly likely that this is starting to have an effect, as people become more aware of the importance of keeping their data safe and destroying any documents that their details could be lifted from.
In the wake of these figures, let’s hope that the downward trend continues as security and awareness develops, so that one day soon we can wipe out this type of fraud altogether.
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