New figures reveal that card theft in the first half of 2017 was GBP 287 million, down 11 % compared with 2016, according to the trade body UK Finance. The drop in fraud could be associated with the fact that banks have tightened security systems while the government has raised consumer awareness over the need to protect PIN numbers and passwords.
More broadly, total losses on cards, remote banking and cheques were down 8 % in the first half compared with the same period in 2016, amounting to GBP 366 million, according to UK Finance. The industry prevented over GBP 750 million of fraud during the same period — or 67 % of attempted fraud.
To support these figures, the banking industry has also joined forces with the government to launch the next phase of a national campaign aimed at offering advice to help customers defend themselves against fraud.
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