The total amount of card fraud has fallen in the last six months by five per cent, it has emerged.
New research from UK payments association Apacs has also revealed that the rate of growth in online, mail order and phone fraud with debit and credit cards has declined.
These figures have been attributed partly to the introduction of chip and pin, which has made “significant inroads in protecting customers from fraud”, according to Home Office minister Vernon Coaker.
Figures reveal that where chip and pin is used in a “face-face retail environment”, losses have declined by 43 per cent, compared to 35 per cent last year.
However, the government maintains that a number of initiatives and personal safety measures when it comes to sensitive information are all necessary to combat fraud.
“Fraud is not something that can be tackled in isolation – the best results can only be obtained by working together,” Mr Coaker commented.
Apacs has published a list of top ten tips that card holders can use to minimise the risk of fraud. These include shredding all bank statements before disposing of them, not letting the card or card details out of sight and not writing pin numbers or passwords down.
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