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CNP Fraud Continues to Rise
APACs has released new figures today which show that CNP fraud continues to rise; an increase of 18% for the period of Jan-June, compared to 2007. The total figure lost by the banks in the first half of 2008 now stands at £301.7m.
The impact of Chip and Pin can be seen in the latest release of figures; card fraud on lost and stolen cards has decreased by 11&, reflecting the difficulty of commiting fraud on a card where the holder does not know the pin number. Worryingly, fraudsters are increasingly using Card ID theft, cloning and skimming and CNP fraud to obtain cash and goods fraudulently.
CNP fraud now makes up 54% of all losses via plastic cards, and now stands at a figure of £161.9million. APACs does point out that more transactions are now being carried out online than ever before, however this will come as little consolation to customers, retailers and the banks who are being hit by fraud.
The table below shows the figures released by APACs and the full release is available at: www.apacs.org.uk
| Fraud Type | Jan to June 2005 | Jan to June 2006 | Jan to June 2007 | Jan to June 2008 | +/- (07/08) |
| Phone, internet and mail order fraud (Card-not-present fraud) | £90.6m | £95.3m | £137.0m | £161.9m | +18% |
Counterfeit (skimmed/cloned) card fraud | £45.6m | £52.8m | £72.3m | £88.1m | +22% |
| Fraud on lost or stolen cards | £44.3m | £36.1m | £30.7m | £27.3m | -11% |
| Card ID theft | £22.8m | £15.0m | £18.7m | £19.1m | +2% |
| Mail non-receipt | £16.1m | £9.8m | £4.9m | £5.2m | +6% |
| TOTAL | £219.5m | £209.0m | £263.6m | £301.7m | +14% |
| Contained within this total: | |||||
| UK retailer (face-to-face transactions) | £73.2m | £42.1m | £37.5m | £47.4m | +26% |
| UK cash machine fraud | £28.8m | £39.5m | £17.1m | £20.8m | +22% |
| Domestic/International split of total figure: | |||||
| Fraud in UK | £177.6m | £160.8m | £154.8m | £180.5m | +17% |
| Fraud abroad | £41.8m | £48.1m | £108.8m | £121.2m | +11% |
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