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Fraud losses on cards drop

Money lost fraudulently via UK cards fell by 17% in 2010.

Mastercard Credit Card

Total fraud losses on UK cards fell to £365.4 million in 2010, down from an all-time high of £610 million in 2008.

Money lost

Online banking fraud losses totalled £46.7 million in 2010 – a 29% fall from the 2009 figure. Cheque fraud losses also decreased from £29.8 million in 2009 to £28.9 million during 2010. According to Financial Fraud Action UK, the vast majority of attempted fraud is stopped before cheques get paid.

Phone banking fraud increased by 5% from 2009 to 2010, totalling £12.7 million last year. Most losses involve customers being tricked into disclosing their personal security details through cold calling or fake emails, which the criminal goes on to use to commit fraud.

Read more about the new fraud figures on Financial Fraud Action UK’s website.

Please note: Action Fraud is not responsible for the content on external websites.

To report a fraud, call Action Fraud on 0300 123 2040 or use our online fraud reporting tool.

See also:
Bank card and cheque fraud
Plastic card fraud

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