By Daniel Hunter

Data released by the UK Cards Association has revealed that the amount of money lost due to fraud on credit and debit cards fell by 7% in 2011.

The drop, to £341 million, means the level is at its lowest for 11 years, largely accounted for by a 41% fall in fraudsters impersonating people to obtain or use credit cards.

Elsewhere, according to the data, there was a 24% drop in fraud from fake cards.

The latest drop marks a third consecutive year where card fraud had decreased, a total of a 44% decrease since 2008's peak.

Not since 2000, where the total last to fraud was £317 million, has the level been this low.

"This is clear proof that our endeavours to fight fraud are packing a punch," Melanie Johnson, chair of the UK Cards Association, said.

"Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details."

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