Article: Card fraud soars to GBP bn as gangs rush to beat chip and pin 20 per cent INCREASE

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 ...

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