Figures show fall in credit card fraud

Recent figures have shown that the level of credit card fraud seen in the UK during the first half of this year fell. In fact, according to recently released figures the level of fraud fell to its lowest level in ten years. Officials believe that a number of factors have contributed to the drop in credit card fraud levels.

During the first six months of this year the value of losses caused by credit card fraud came to around £186.8 million. Compared to the first six months of last year this reflected an impressive drop of 20 percent. According to the UK Cards Association the drop in credit card fraud is down to a number of security initiatives.

Amongst the security initiatives that were highlighted by the UK Cards Association as being partly responsible for the drop in credit card fraud was the increased rollout of updated chip cards across the UK as well as raising awareness amongst retailers over how they could increase protection against fraud on their chip and pin machines.

Cardholders and retailers are also said to be signing up more for security measures such as Verified by Visa and MasterCard SecureCode, which helps to protect cardholders from fraudulent activity.

Further good news was that the level of online fraud had fallen, with more people now aware of things such as phishing scams and protecting accounts more effectively in terms of passwords. Online banking fraud losses are said to have enjoyed an impressive 36 percent fall in the first six months of this year compared to the first six months of last year.

Melanie Johnson, Chair of The UK Cards Association, said: “These figures are testament to the importance that the UK’s card companies place on driving down card fraud losses and reducing any inconvenience to customers.”

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Brits will invest thousands to feel safe

Homeowners in the UK are prepared to spend nearly £10,000 on securing their homes.

Recent research by Alliance and Leicester Personal Loans, has found that in order to feel safe Britons will spend as much as £8,500 pounds on security measures.

A third of respondents said they would like security patrols, while 52 per cent said they would spend money on CCTV monitoring points of entry.

Furthermore, 53 per cent were prepared to pay out for motion sensor security lights, while 20 per cent they would spend on bars over doors and windows.

Richard Al-Dabbagh, senior personal loans manager at Alliance, said: “Although CCTV and alarm systems may not stop a house being targeted, they both present a very visible deterrent, even to the experienced and expert burglar.

“Burglary is an opportunist crime for the most part. A burglar selects their target because it offers the best opportunity to carry out their crime undetected and with fewest obstacles.”

Last week, the Association of British Insurers said that improving security measures would help keep insurance premiums for homes to a minimum.

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