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Debt problems caused by credit card fraud may have decreased in 2010

Debt problems caused by credit card fraud may have decreased in 2010

- Tuesday, 11 January 2011

The amount of money lost through credit card fraud, which could lead to someone needing a debt solution, declined in 2010.

That is according to Mark Bowerman, spokesman for the UK Cards Association, which provides information about making purchases on credit cards.

He said: "Debit and credit card fraud losses fell in the first half of last year, following on from a 28 per cent year-on-year decrease in 2009.

"The fight against card fraud can only be effective with a joined-up approach."

Debit and credit card fraud could leave someone needing debt help if they cannot pay back the money spent on their cards.

However, in some cases, the government will cover the cost of the fraud from the public purse.

The KPMG Fraud Barometer revealed on January 10th that cases of reported credit card fraud increased in 2010.

A total of 314 incidents were reported, which is an increase of 16 per cent from 2009.
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