Card Fraud Rises 20%
Credit and debit card fraud reached £500m last year
8th March 2005
Credit and debit card fraud rose by 20% to over £500m last year according to the Association of Payment Clearing Services (Apacs).
Ironically, the introduction of Chip and PIN technology, aimed at reducing card fraud, is being blamed for at least some of the rise. With more than 90m replacement chip and PIN cards already sent out to customers, a number have inevitably got lost in the post and ended up in the hands of fraudsters.
However, a spokesperson claimed that without the Chip and PIN rollout, the fraud figure would have been nearer £800m.
Read More: Guardian Report
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