Retailers are being advised to ensure they are protected against card fraud, as figures reveal fraudsters cost UK retailers almost £50m in 2014.
The NFRN, alongside Barclays, has published prevention information, which states up to 40% of fraud gets through systems undetected as “fraud evolves almost as quickly as technology”.
Margaret McCloskey, NFRN head of operations, said: “Retailers should use the UV counterfeit detector to check if a credit/debit visa card is authentic. With contactless, retailers need to be aware of multiple transactions in a shift with a card, in case it is stolen.”
Lost or stolen cards is cited as the second highest type of loss, with remote purchase the highest.
The total loss from face-to-face transactions in 2014 was £49.2m, from £60.8m in 2013 and £54.6 in 2012 – a significant drop from £218.8m in 2004.
Ways of identifying a counterfeit MasterCard or Visa card include checking the first four digits of the embossed card number match the numbers printed below and checking holograms and ultraviolet motifs.