APACS responds to latest CPP release

In their latest release dated 29 January, ‘London is the capital of fraud’, CPP uses misleading information and spurious statistics to support their claim that over 12 million people nationwide were victims of card fraud last year. APACS, the UK payments association, publishes authoritative statistics provided directly by all its member banks. APACS most recent figures indicate that in 2007 there were just over a million reported cases of card fraud; so even though card fraud will have risen in 2008*, CPP’s suggestion that there were 12 million victims is wildly out of line.

CPP claims that 12 million people were victims, and the average loss is £650. By simply applying the mathematics, this would show that total card fraud losses equate to £7.8 billion- 14.6 times the 2007 actual total card fraud loss figure (£535 million).

APACS would like to take this opportunity to remind all cardholders that any innocent victim of card fraud will be reimbursed by their bank, and that this free protection is provided under The Banking Code.

ENDS

For further information contact the APACS Press Office on 020 7711 6316

Notes to editors:

APACS is the trade body that gives banks, building societies and card issuers a forum where they can work together on non-competitive issues. We help manage the way that businesses and individuals in the UK move their money around - this covers cash, credit and debit cards, cheques and automated payments such as Direct Debits, salary payments and the new Faster Payments Service launched on 27th May for online/phone banking transactions and standing orders. We lead the fight against banking fraud and twice a year we publish figures on payment industry fraud losses.

* APACS will publish the 2008 fraud figures in March.