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Chip and pin cuts card fraud

The introduction of chip and pin cards has helped reduce credit and debit card fraud by 13 per cent, figures showed today.
Plastic card fraud totalled £219.4 million during the six months to the end of June, down from £252.6 million during the same period of the previous year, according to industry body Apacs.

The figures showed counterfeit card fraud fell by 31%, fraud on lost or stolen cards dropped by 27 per cent, losses on cards that went missing in the mail was 37 per cent lower and identity theft on payment cards was down by 16 per cent.