The average credit card fraud victim loses more than £650.
That's according to the CPP's annual card fraud study which claims that London is the worst place affected with incidences increasing by 10 per cent in the last year.
This means that nearly four in ten Londoners have been affected by the crime, with Cardiff residents being second most affected.
Credit card fraud experts Kerry D'Souza says "The dramatic increase in card fraud shows no sign of abating which isn't surprising given the desperate measures some people will resort to during the recession".
The study also shows that over 12 million Brits have been hit by credit card fraud, with around half finding out by being alerted by their bank.