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THE CURRENT STATE OF CARD FRAUD • £402.4m was lost
13th January 2005, Page 48
13th January 2005
Page 48
Page 48, 13th January 2005
— THE CURRENT STATE OF CARD FRAUD • £402.4m was lost
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to card fraud in 2003. *The UK suffers more than £1.1m worth of card fraud every day, with a fraudulent transaction every eight seconds.
*Nearly 57% of fraudulent card use takes place at the retail point-of-sale.
• In 2003 the average loss per fraudulent transaction was £111; the average loss of each fraudulent case was £653.
*Without chip and PIN, credit experts estimate that UK card fraud losses would be in the region of E.-1bn a year by the end of the decade.