The same source mentions that, during the interval under review, fraud on debit card has also went down 7 percent. Most of the fraudulent transactions (97 percent) were counterfeit debit card fraud, of which 83 percent could be linked to cash withdrawals at automated teller machines.
However, even though credit cards are becoming increasingly sophisticated with chips and PIN codes, criminal syndicates are also devising better methods of obtaining card data.
Sabric’s data shows that the gross fraud loss due to credit card fraud between January and September 2012 was 18 percent lower than in the same period in 2011. The amount lost to card fraud in this period was R 505 million, down from more than R 580 million in 2011.
Card not present fraud has accounted for 51 percent of gross card fraud losses in 2012, up 16 percent from the previous comparable period.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now