Online fraud victims should be better protected, not blamed

All too often banks and cards companies do little to pursue fraudsters, and in many cases seem happy to blame those scammed

There was a grand bargain struck between individuals and banks when we began moving away from cash and towards electronic payments. Transactions would become faster, more efficient and more profitable for the banks, and in return individuals would be protected from fraud. That bargain is perilously close to falling apart.

Financial Fraud Action UK (FFA UK) has issued its "definitive overview" of payment fraud in the UK, and the figures make for miserable reading. Total fraud jumped by more than a quarter in 2015, with 1.5m card accounts in Britain raided by scam merchants who stole more than 750m.