20 March 2009
New statistics from Apacs show banking fraud is increasing in the UK, making banking security more important than ever.
It suggests that the main reason for the rise in card fraud is transactions which do not involve chip and PIN, with total card losses equating to £609.9 million.
The findings show that card-not-present fraud losses have increased by 13% over the last 12 months, now accounting for 54% of all losses.
Card fraud losses may have increased, although Apacs states that less than a tenth of a penny in every pound is now lost to fraud, less than estimates in 2004.
Online banking fraud has likewise experienced an increase, with experts reiterating the need for users to ensure they have their firewall switched on.
Apacs announced earlier this year that 75 million debit cards were issued in the UK in 2008. Search online now for the cheapest, safest account for your needs.