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Card industry to report 'significant' drop in fraud


Fraud on lost and stolen credit and debit cards has fallen to its lowest level for 20 years, trade body the UK Cards Association has said.

The body said that figures due to be published in two weeks' time will show that fraud on cards has fallen. A spokeswoman said that the drop was "significant" in scale and a statement said that it sent the fraud level to its "lowest level for two decades".

Card fraud fell between 2004 and 2006 but has been rising since then. It hit £610 million in the UK in the latest figures, for 2008, according to the Cards Association.

The Association said that this meant that card fraud cost every UK resident £10 per year.

The lowest recent figure for card fraud is 2006's total of £426m, £310m of which was in the UK. The UK total for 2008 was £380m. The Cards Association's statement suggests that total fraud for 2009 will at least be less than 2006's £426m.

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