London Is The Capital Of Fraud

9 months ago 28th Jan 14:24

Card fraud has dramatically increased in London over the last year with more than two million, over one in three, Londoners now having fallen victim.

According to life assistance company CPP’s annual Card Fraud Index, which identifies fraud hotspots across the UK, card fraud in the Capital has increased by 10% in the last year, with 38% of Londoners now having been affected. This means London tops the tables for the worst card fraud in the country for the second year running.

Across the UK, card fraud has risen by five per cent with one in four Brits, over 12 million people (2), having been a victim last year – a reflection of the desperate measures fraudsters will resort to during the current climate.

While London took the top spot for card fraud, rounding out the top five was Cardiff (34%), Glasgow (31%), Manchester (29%) and Brighton (27%) – the coastal city saw an astonishing increase in card fraud of 15% in 2008.

Online fraud has been an increasing problem, affecting 39% of victims, while card cloning from a cash point or chip and pin device accounted for a fifth (21%) of fraud cases. Out of all cards that are physically lost and stolen, one in ten are also being used fraudulently.

The sums of money involved in these fraud cases are substantial. The average sum fraudulently transacted is over £650, with one in 20 victims (six per cent) reporting losses of over £2,000. Worryingly, 42% of card fraud victims did not know about these transactions and only found out they had been defrauded when alerted by their bank. This is up six per cent from last year.

Kerry D’Souza, card fraud expert from CPP, says: