Credit card fraud slows down

Credit card fraud has long been recognised as a major problem. The most common form of fraud is still card cloning, usually as a result of crooked retailers or ATM tampering, which is much more common than online fraud. However, the latest signs are encouraging, according to CPP Card Protection.

According to a survey of over 2000 people by CPP, credit card fraud was encouragingly down by 3% in 2010, with 7% of cardholders affected, compared to 10% in 2009. Average losses also declined from £590 to £417 and only 4% of people reported losses of over £2,000.

Brighton was rated the worst by respondents, with 38% experiencing the crime. London, unsurprisingly, was next at 34%, followed closely by Manchester at 33%, Bristol and Leeds 32% and Edinburgh 31%. Around 33% of respondents couldn’t answer how their details were stolen and some only discovered when their card was declined.

CPP’s fraud expert, Sarah Blaney commented,” In particular, online fraud has decreased, which could be a result of industry initiatives such as Verified by Visa and MasterCard SecureCode.”

It is probably best not to read too much into the location stats as the previous year’s worst hot-spot was Cardiff, however, based on the figures from the above report at least, credit card fraud does seem to be reducing, therefore, it seems as if the credit card companies efforts on card protection might finally be starting to pay off.

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