The new card fraud figures for the UK have just been released. Basically things can only get worse.
Losses due to payment card fraud were £618.0 million, an increase of nine per cent from £567.5 million in 2015.
Card spending only increased six per cent in comparison. In other words, fraud is growing 50% faster than spending. That doesn’t sound an acceptable state of affairs to me. Something should be done.
It isn’t only card fraud that’s worrying.
Remote banking fraud losses totalled £137.1 million, a 19 per cent decrease from £168.6 million in 2015.
You have to be careful with this figure because it is giving the losses to banks