The amount of money being lost through card fraud fell by 23% in the first half of the year, as criminals changed their strategies and prevention measures began to take effect, figures published by Financial Fraud Action UK (FFAUK) show.
The total cost of fraud on credit and debit cards fell from £304.2m to £232.8m in the six months from January to June.
Figures also showed that losses at UK retailers were down by 26% from the same period last year.
A spokesman for FFAUK said this was down to retailers being more vigilant, and aware of how to protect their chip and PIN terminals from criminal attack. Members of the public were also taking greater precautions when entering their PINs, he added.
There was however, a 36% in fraud being committed on foreign issued cards, which do not have chip and PIN protection, here in the UK.
“Fraudsters are realising that they can prosper more by targeting foreign-issued cards – which currently have stronger currencies than sterling. Retailers should be aware of this fact and guard against it,” the spokesman added.