UK card fraud tops UK£500m

UK fraud on debit and credit cards totalled UK£504.8 million in 2004, a 20% rise on 2003 (UK£420.4 million), according to figures released last month by APACS, the Association for Payment Clearing Services. Card-not-present (CNP) fraud was the biggest category at UK£150.8 million – it rose 24% - although growth was in line with the rise in number of businesses that transact by phone, fax or via the Internet. Online credit card purchasing has expanded five-fold since 1999 and now represents 10% of all credit card expenditure.