News & Views - Savantor

Plastic Card Fraud falls

Friday, 16 October 2009

The amount of fraud being committed on plastic cards across the UK fell in the first half of the year with losses totaling £233m in the six months - down by 23% on both the first and second halves of last year. It is to be hoped that this is the beginning of a downwards trend rather than a temporary blip whilst the fraudsters devise a new strategy. There seems to be some indication of targeting now being directed towards foreign-issued cards and also online banking where losses rose to £39m, up 55% on the first half of 2008 which is faster than the rate of increase in online banking customers. There has been evidence recently of fraudsters attacking the softer targets of customer PC's rather than bank systems. There were also more than 26,000 phishing incidents during January to June 2009 - a 26% increase on the number in the same period last year.

In other reports issued this month it is shown that

  • Over 59,000 victims of impersonation have been recorded in the first 9 months of 2009 - an alarming 36% increase from the same period in 2008
  • The overall number of identity frauds has increased by 33% in the first 9 months of 2009 from 2008
  • Account takeovers have risen by 23% in 2009 when compared with the same period in 2008 - and by a staggering 238% in the last 24 months

Barclays has stated that there were no incidences of on-line banking fraud following the roll-out of card readers to their customers. So maybe it's time to look again at those shelved projects on 2FA, SMS alerts, IP profiling and the like?

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