UK Consumers Hit Hardest By Credit Card Fraud

A recent report has suggested that when it comes to credit card fraud the UK is the hardest hit of all of the European countries. Research into credit card fraud was carried out by the European Security Transport Association, and the association found that around twenty percent of adult Britons – equating to around seven million cardholders – had been victims of credit card fraud.

This is something of an alarming figure when compared to the rest of Europe, with survey results indicating that only eleven percent of adults across the rest of Europe had been subject to credit card fraud. The figures that were released following the survey carried out by ESTA indicate that cardholders in the UK are twice as likely to find themselves victim to this type of fraudulent activity than those in other parts of Europe.

Research also indicated that cardholders in other parts of Europe who fell victim to credit card fraud often preferred to use cash rather than credit cards afterwards, with a third of European victims using cash over credit cards after becoming a victim of credit card fraud. However, in the UK, only a quarter of credit card fraud victims started to use cash rather than continuing to use credit cards.

Credit card fraud has become a major problem in many parts of Europe, but with these figures it seems that Brits are suffering more than most, with a range of sophisticated methods and scams being used by fraudsters. One of the latest scams to hit the headlines is phishing, where fraudsters have been obtaining credit cards details from consumers by sending fraudulent emails or setting up scam websites. Consumers have been warned to remain vigilant with regards to scams like these, and to be particularly careful when providing credit card details online and over the telephone.

Alisdair Milton
27th November 2006

More Information:

• Identity Theft
  Identity theft is a major issue in the UK, and with good reason. It has been estimated that it can take up to sixty hours of work to recover a stolen identity, and in the worst cases, cost up to £8000 to put right. But what can be dome to prevent this?
• ‘Vishing’ – A New Type Of Credit Card Fraud
  With the full integration of Chip and PIN technology in 2005, credit card fraudsters now have to look for ever more ingenious ways to try and defraud UK credit cardholders. Topping this list is a very ingenious and sophisticated telephone scam that fraudsters are using to obtain the credit details of cardholders – ‘vishing’.
  

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