The credit card industry is losing less money to credit card fraud than a year ago, a new report has shown.
Research by the UK Payments Administration revealed that financial losses were down 23 per cent to £232.8 million in the first six months of 2009 compared to the same period last year.
Commenting on the news, uSwitch.com claimed the figures are positive for both credit card companies and consumers.
However, there is still a risk of ID theft related to credit cards present and Brits should take basic measures to ensure they do not fall prey to criminals, the site warned.
Rumina Hassam, personal finance expert at uSwitch.com, advised: "One of the easy ways to reduce the risk of credit card fraud is to limit the number of active accounts you have on the go at any one time."
HSBC recently said that credit card fraud could be reduced if banks were to establish global standards for security, such as chip and pin .
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Credit card fraud drops
Thu, 08 Oct 2009
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