Card fraud soars by a quarter

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The cost of fraud on UK issued cards totalled £535.2 million during 2007, with losses rising for the first time since 2004, according to payments body Apacs.

The group said the rise was largely driven by a 77% jump in fraud carried out abroad, with criminals using stolen UK card details overseas, typically in countries that have not yet upgraded to chip and pin.

It said overseas card fraud accounted for 39% of losses, totalling £207.6 million last year. But there was also a 6% increase in card fraud losses in the UK during the year, which was largely driven by so-called card-not-present fraud.

This type of fraud, which involves criminals using stolen details to buy things by telephone, mail order or over the internet, soared by 37% during the year to £290.5 million, possibly as criminals migrated to other types of fraud following the introduction of chip and pin.

But Apacs said that while card-not-present fraud now accounted for more than half of total losses, it should be seen in the context of the huge increase in the number of people shopping online or by telephone.

It said this type of fraud had risen by 122% between 2001 and 2006, but during the same period online transactions had soared by 358% to £30.2 billion.

There was also a 46% rise in counterfeit card fraud, where card details are cloned, although it is thought the majority of this occurred abroad, while losses arising out of identity theft increased by 7% year on year.

But there were signs that the introduction of chip and pin was having an impact on fraud losses, with fraudulent use of credit and debit cards on the high street dropping by two-thirds during the past three years from £218.8 million in 2004 to £73 million last year.

Losses arising out of lost and stolen cards and cards which are intercepted in the mail also reached their lowest level for 10 years at £56.2 million and £10.2 million respectively.