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Financial fraud data for 2016 published : Financial Fraud Action UK

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.

From Financial fraud data for 2016 published : Financial Fraud Action UK

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.

From Financial fraud data for 2016 published : Financial Fraud Action UK

You have to be careful with this figure because it is giving the losses to banks

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