Phone, internet and mail order shopping fraud (‘card not present’ fraud) fell by 19% last year, according to new figures from The UK Cards Association.
The drop means that card not present fraud levels fell back to below 2007’s figures and follows four consecutive years of rising card not present fraud.
In total, £266.4m was lost to card not present fraud in 2009, down from £328.4m in 2008 and £290.5m in 2007.
“Reasons behind the decrease in phone, internet and mail order shopping fraud include the increasing use of sophisticated fraud screening detection tools by retailers and banks, as well as the continuing growth in the use of MasterCard SecureCode and Verified by Visa (online fraud prevention solutions that make cards more secure when online shopping), by both online retailers and cardholders,” says the association.
