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Card fraud losses in UK surpassed £600M: research

Some of the UK’s most authentic cards and payments suffer from fraud payments stemming from the stolen card and poor processing by merchants

card fraud

Card fraud losses in UK surpassed £600M: research. Source: unsplash.com

According to Nuapay, more than 12% claimed unauthorized and fraudulent transactions on the payment cards in the last few months.

It created concern about payment security in the users. These types of fraud occurred in the United Kingdom over the last few years, and the consumers lost millions. According to UK Finance, the UK’s total losses reached more than £620 million in 2019. It is a concerning issue for the financial and technology experts in the UK.

The study also found that most payment frauds in the country come from the card, not present fraud. It is the source where most of the stolen cards obtain as the data hacking on the business websites, using the cards for online payments, sharing payment details with others, etc. UK citizens also lose millions of Pounds by these methods, and according to an estimation, more than  £470 million losses occurred in 2019.

One of the sources disclosed that it is easy to buy cloned details of the payment cards on the dark web and most of the frauds carry out this way. People use the dark web to get card details. The details of the Mastercard and Visa cards sell for between £11.50-15.00 online in the United Kingdom.

We’ve reported that Visa has signed a definitive agreement to acquire YellowPepper. This acquisition will accelerate the adoption of Visa’s “network of networks” strategy.

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