UK credit card losses pushed up by overseas fraud

The volume of money stolen from UK banking cards has increased by 25% due to a surge in overseas fraud, new research has revealed.

Total card fraud losses climbed to £535.2 million in the last year, reversing a two-year decline, according to figures released by the UK payments association, APACS.

Experts claim the sharp rise in deception on British cards can be attributed to the 77% increase recorded in fraud committed overseas.

Fraud committed abroad now accounts for 39% of losses incurred by victims of credit card fraud in the UK.

Meanwhile, fraud committed over the phone, via the internet or by mail order has risen by 37%.

Sandra Quinn, director of communications at APACS, said: ‘Although card fraud levels have now begun to go up again due to fraud abroad and card-not-present fraud losses, chip and PIN has proven to be an undoubted success in reducing card fraud on the UK high street.

‘And, as more countries follow our lead and upgrade to chip and PIN, the opportunities for criminals to use our stolen magnetic stripe details overseas will decrease.’