24 June 2018
Visit www.gemalto.com

Retailers warned of soaring counterfeit card fraud

04 November 2002  |  4464 views  |  0 Retailers warned of soaring counterfeit card fraud

Plastic card fraud losses on UK-issued cards increased 53 per cent in the 24 months to August 2002 prompting banks, retailers and police to increase their clampdown on the organised criminals responsible for annual losses of nearly £430 million.

The most prevalent types of card fraud at shops in the UK are counterfeit card fraud, which cost £161 million in the last year, and fraud involving lost and stolen cards, which cost £109 million, according to figures released by payments body Apacs.

Next year's introduction of a chip card and personal identification number (PIN) payment system in the UK is expected to lead to a significant reduction in counterfeit card fraud.

In the interim, retail staff are being urged to increase their vigilance and cardholders are being reminded to look after their cards. Card Watch, Apacs’ fraud prevention programme is launching a campaign called Don’t Stand 4 Fraud to support retailers in the fight against plastic card criminals.

"Highly organised criminals are responsible for the massive rises in card fraud over the past few years," says Mark Bowerman of Card Watch. "These criminals will probably increase their fraudulent efforts over the next year before the introduction of the chip and PIN system, but just by taking sensible precautions cardholders can prevent themselves becoming a victim of card fraud."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

First Data launches card fraud detection system

First Data launches card fraud detection system

04 November 2002  |  6692 views  |  0 comments
US smart cards to top 21m

US smart cards to top 21m

01 November 2002  |  4298 views  |  0 comments | 1 linkedin
Barclaycard contracts with SchlumbergerSema for EMV plus PIN cards

Barclaycard contracts with SchlumbergerSema for EMV plus PIN cards

18 October 2002  |  6210 views  |  0 comments
Java card developer Aspects wins £5 million in funding

Java card developer Aspects wins £5 million in funding

11 October 2002  |  4956 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit www.worldwealthreport.com

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26654 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9401 views comments | 10 tweets | 18 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8861 views comments | 18 tweets | 23 linkedin
ING and BNP Paribas invest in blockchain-powered trade platform TradeIXING and BNP Paribas invest in blockchain-p...
7399 views comments | 15 tweets | 27 linkedin

Featured job

Find your next job