DATAMONITOR, the market research group, said this week that credit card fraud had fallen by more than 5 per cent in 2003.
Not only that, but it is predicting more falls as chip and PIN cards are introduced.
But we should not be too complacent, it adds. The fall in fraud is “entirely” due to a reduction in the amount of fraud committed abroad on UK cards. Domestic fraud is on the increase.
Card-not-present fraud, in particular, where fraudsters use your card numbers to buy goods over the telephone and internet, is up by 300 per cent since 1999. But the rate of increase is slowing.