The introduction of chip and PIN cut credit and debit card fraud by 13% last year, data from the Association of Payment Clearing Services has revealed.

Apacs said that credit and debit card fraud last year fell from £504.8m to £439.4m. “We would expect to see further reductions in fraud in the years ahead,” said Sandra Quinn from Apacs.

However, the data also revealed that credit and debit card fraud when the card holder was not present increased 21% to £183.2m.