Is the War on Fraud Being Won?
Two sets of industry statistics were published this week, with different and conflicting information:
BBC quoted statistics from the UK Card Association that plastic fraud losses were down by 7% to £341m, attributed to 41% fall in fraudsters impersonating card holders. Whilst CIFAS reported increase in Account takeover up 18%, account misuse (first party fraud 13%) and identity theft 10%.
So who is actually right and wrong here? OK, I accept that I am strictly not comparing apples with apples here, but I am not in denial. As an industry I recognise the excellent work the trade, industry bodies and joint ventures such as the DCPFU do to tackle fraud, but we still have a huge card fraud problem. Some of us have long memories and can remember when card fraud losses stood at £96m.
Check out the Levi Report published in 1996 if you are interested.
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