Brexit & EconomyPoliticsCard fraud soars by 25% as banks lose £535m

Card fraud soars by 25% as banks lose £535m

Card fraud soared by 25% last year as £535m were stolen from bank accounts and credit cards

In total, £90.5m was stolen by foreigners from British accounts, the bulk of
which were overseas fraudulent transactions in the US, where ¬Britons were
robbed of £24.6m.

Martyn Hocking, editor of
Which?
Money
, said the increase was largely the result of a 77% rise in fraud
carried out while Britons were abroad.

There was a growth of just 5% in fraudulent transactions at home, following
the launch of chip and Pin, Metro.co.uk reports.

This was followed by Italy (£9.6m), Australia (£8.2m), France (£7.3m) and
Spain (£5.7m).

Further reading:

Massive card fraud depletes 300 Irish bank accounts

Read
the Metro.co.uk story

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