Annual report: Consumer trust in the digital age

Last year, payment card fraud in the UK was estimated at £618m, with the global figure standing at $21.84bn. Because of this, banks, issuers, schemes, merchants and PSPs are taking significant steps to improve online security and reduce the risk of fraud.

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RED ALERT: How Much Is Fraud Really Damaging the UK?

Financial Fraud Action (FFA) UK recently released the Year-End 2015 fraud update report, exposing some discouraging truths about the ongoing battle with fraudsters, especially for the banking industry.

The study revealed that sums stolen through internet and telephone banking fraud increased by 72% last year. In particular, losses on payment cards jumped by 18% to £567.5 million.. Losses due to technology-based fraud also soared, increasing by a quarter year-on-year to more than £755 million[1].

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