Credit card fraud on decrease

A CRACKDOWN on credit card fraud has led to a drop in the level of bogus card usage in Ireland, new figures show.

The Irish Payment Services Organisation (IPSO), the banking industry body that oversees electronic and cheque-based payments, said Irish fraud levels had fallen over the past three years and were now well below the European average.

Fraud losses arising from fake and stolen credit and Laser cards stood at €800 for every €1 million in sales last year, according to IPSO’s figures. This was less than half the EU average of €1,700 per million and was down from €2,700 per million in late 2002.