APACS today released its full-year figures for UK credit card fraud during 2007, which showed losses are up due to overseas fraud following a two-year fall.
The payment industry body revealed card fraud losses were up by 25 per cent last year, driven by a 70 per cent, 90.5-million increase in fraud abroad as more UK card details are stolen for use in countries yet to upgrade to chip and PIN-standard payment authentication systems.
As a result, it said total card fraud losses last year rose by 25 per cent to 535.2 million, breaking two consecutive, previous years' of reductions. What's more, fraud abroad now accounts for more than one third (39 per cent) of total card fraud losses.
On the domestic front, APACS said online banking fraud losses were down 33 per cent to 22.6 million, despite the fact that phishing incidents shot from 14,156 in 2006 to 25,796 last year.
Sandra Quinn, APACS director of communications, added: "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.
