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For several years, card issuers in the UK had been noticing an alarming trend: card fraud losses had been steadily increasing. In three consecutive years, net losses from fraud increased 25%; then another 28%; and then yet another 41%.
“Many banks were experiencing a significant impact on profits due to rising levels of fraud losses. In addition, we were concerned about the negative impact fraud had on our growing customer base,” said Alasdair Grant, Director, Risk at Royal Bank of Scotland. Managers were worried that UK payment card issuers were becoming increasingly attractive targets for fraud rings and sophisticated criminals.
“The fraud reduction partnership was successful above and beyond our initial expectations, reversing the growing fraud trend the industry had experienced in recent years.” —Alasdair Grant, Director, Risk Royal Bank of Scotland
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