Despite the recently released fraud statistics showing that card fraud has increased, as a percentage of the overall turnover of card transactions card fraud has decreased. This is due to more card transactions being made today than were made a few years ago, showing that card payments are becoming evermore popular and that confidence in using cards for transactions is increasing. This highlights the success that chip and PIN has had on increasing security since its introduction and this has resulted in the general public’s increased confidence in merchant services and making payments on plastic.

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Figures released by APACS shows that losses due to fraud came to £609.9 million for last year alone. The results have shown that the main area where fraud is most rife is on transactions that are not protected by chip and pin. This covers transactions made on the Internet as well as transactions made via the phone and mail order. Due to fraud being more prevalent where there is no chip and pin protection, fraud abroad is a real problem. Criminals are using stolen UK card details in countries, which are yet to upgrade to chip and pin. Below is a summary of the fraud figures announced by APACS:

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