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Credit card fraud hits 10-year high
Credit card application fraud rose to its highest-ever level last year, according to Experian analysis.
It rose by 18 per cent in the last quarter of 2022, bringing the overall fraud rate for the year up to the highest yearly rate that Experian has recorded in the last 10 years.
This extreme rise in fraud cases indicates that the scale of the issue is a problem for both consumers and financial services firms that look to prevent fraudulent activity.
“Our latest figures show the scale of the fraud epidemic facing consumers and financial services companies,” Experian UK&I managing director of identity and fraud Eduardo Castro said.
“The rise in first-party fraud is also striking, as it suggests that households are misrepresenting their financial situation to meet additional costs, or even cover everyday expenditure.”