Fraud the Facts 2008

APACS, the UK payments association, is the trade body that gives banks, building societies and card issuers a forum where they can work together on non-competitive issues. They have recently published a new issue of Fraud the Facts. The key headlines for 2007 are as follows:

Fraud in total rose by 25% to £535.2m.
UK retailer face to face fraud rose slightly from £72.1m to £73m.
Fraud committed overseas on UK issued cards rose by 77% to £207.6m. USA is now top of the list of countries for such fraud.
Counterfeit fraud on UK issued cards rose 46% to £144.3m.
Internet/e-commerce fraud is estimated at £223.8m.
Card not present fraud now accounts for 54% of total fraud and stands at £290.5m

This clearly indicates that there is an urgent need for card issuers and card schemes to become much more proactive in the communication, engagement and enrolment of customers to the 3D secure process..

A PDF version of the full booklet can be downloaded from www.cardwatch.org.uk