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Article: Card fraud soars to GBP bn as gangs rush to beat chip and pin 20 per cent INCREASE
- Article from:
- The Scotsman
- Article date:
- March 8, 2005
- Author:
CopyrightCopyright 2005 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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CREDIT and bank card fraud cost British consumers a record total
of half a billion pounds last year as criminal gangs increased their
activity ahead of new security measures.
An increase of 20 per cent in the amount of money stolen - to GBP
504.8 million - was attributed to fraudsters trying to get as much
money as possible before the full benefits of the chip-and-pin
security system are felt.
The Association for Payment Clearing Services (APACS), which
released the figures, said the total could have been some GBP 300
million higher without the introduction of pin numbers for card
transactions.
Police said the figures showed how serious the situation was
becoming and warned people to ...