Apacs has issued its annual report of problems influencing the British banking industry, and the biggest revelation is that over online banking swindle has fallen by a third amid 2006 and 2007, even as phasing attacks have increased by over 70% to 25,796.
Sandra Quinn, director of communications @ Apacs, said “Although card swindle levels have now begun to go up again due to swindle overseas and card-not-present fraud losses, chip and Pin has established an undoubted achievement in reducing card fraud on the UK high street. As more countries pursue our lead and upgrade to chip and Pin, the opportunities for criminals to use our stolen magnetic stripe details abroad will diminish.”
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