Banking and card fraud rises to £325 million
Losses from fraudulent use of payment cards, cheques, and online and mobile banking rose 6% to £325.3 million in the first half of 2015, according to figures released today.
Financial Fraud UK (FFAUK) said that even though the total amount of fraud increased by £17.6 million, fraud losses as a proportion of total spending fell to a four-year low.
That’s largely down to security systems installed by banks and credit card companies, which successfully detected and prevented almost a billion pounds’ worth of fraudulent transactions. In total, around 70% of all fraud attempts were thwarted in the first half of the year.
Katy Worobec, director of FFAUK, said: “Banks use sophisticated security systems to protect their customers, stopping over two-thirds of fraud from occurring.
“However, the industry is never complacent and banks are continuously improving the tools they use to beat the evolving threat of fraud.”