Online Banking Scams Overshadow Plastic Fraud Slide
John Leyden at The Register reports that UK online banking fraud losses rose 55 per cent to hit £39m for the first half of 2009. However, overall card fraud losses fell 23 per cent from £304.2m in 1H2008 to £232.8m in the first half of 2009. Moreover, CNP fraud in the UK shrank for first time. Fraud Action UK credits the decline in plastic fraud to the introduction of Chip and PIN making life more difficult for fraudsters to counterfeit cards and enforcement efforts by the banking industry-funded Dedicated Cheque and Plastic Crime Unit (DCPCU). Increasing use of “sophisticated fraud screening detection tools by retailers and banks, as well as the continuing growth in the use of MasterCard SecureCode and Verified by Visa” are credited with reducing customer not present fraud.
