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Remote Banking Fraud Up, Card Fraud Up

2015-04-14 15:55

The Financial Fraud Action UK (FFA UK) has published its latest figures about financial fraud in the UK.

e-commerce card fraud losses increased from £190.1m in 2013 to £217.4m in 2014 — a 14 per cent rise

In a news release published at the end of March, the FFA UK states the increase is primarily due to a change in tactic by fraudsters who are deceiving customers rather than attacking the payments technology and systems directly. It warns about the increasing numbers of scams which aim to trick people into disclosing financial details or transferring their money directly to fraudsters.

As a result of these trends there is now a new Joint Declaration by UK Banks, Card Issuers and Building Societies is a combined effort to combat phone-initiated fraud.

Online banking fraud increased from £40.9m to£60.4m in 2014, a 48 per cent rise.

Card fraud losses were driven by criminals using UK cards fraudulently abroad, where the security features can be circumvented in some locations.

Source: pU-duarF-draC-pU-duarF-gniknaB-etomeR/41/4/5102/ku.rellewdnekrelc.www

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