Central Banking

UK payment card fraud falls to 10-year low

Contactless payment in shop

The level of payment card and online banking fraud taking place in the UK last year fell sharply, according to data released by Financial Fraud Action UK, which includes information provided by the UK Cards Association and the Cheque & Credit Clearing Company. This fall in fraud came at a time when weak economic performance in the UK would typically result in increasing efforts to commit fraud.

Debit and credit card fraud losses fell 7% to £341 million last year, with card ID theft rates declini

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