UK credit and debit card frauds are down to a 10-year low with criminals switching to cheque and telephone scams.
Card losses were down by 7 per cent year-on-year to reach £341 million in 2011, the lowest figure in a decade after a three-year reduction of nearly 45 per cent, according to Financial Fraud Action UK.
Online banking fraud losses were down 24 per cent to £35.4m in 2011, even as phishing attacks surged 80 per cent year-on-year to around 111,000 in 2011.
However telephone banking losses were up by around a third and cheque fraud losses registered a 17 per cent rise in 2011 as more cheques were simply stolen and altered, according to figures.
Detective chief inspector Paul Barnard, head of the industry-sponsored dedicated cheque and plastic crime unit, said as technological advances have made payments more secure, the department had seen a spike in more simplistic crimes.
He added, many scams involved customers being conned into handing over their cards and pins or their telephone banking security details by someone calling, pretending to be their bank or police.