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Overseas credit card fraud increases

October 3, 2007 by admin  
Filed under News, News-Credit-Cards

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An increase in the amount lost as a result of credit card fraud has been driven by fraud on UK cards used abroad.

New research from Apacs revealed that over the first six months of this year, debit and credit card fraud rose by 26 per cent compared to the same period of 2006.

Behind this rise is the 126 per cent increase in the fraudulent use of UK-issued cards in other countries, the report said.

“These figures show how the fraudsters have changed tack,” said Sandra Quinn from the payments association. “A couple of years ago they were mainly stealing cards and card details for use in UK shops and cash machines, but today, because of chip and PIN, they have been driven overseas.”

The study showed that fraud occurring on UK soil is falling as a result of chip and PIN security measures.

Losses recorded via retailers declined by 11 per cent during the period, while cash machine fraud dropped 57 per cent.

A recent report found that credit card holders could pay on a £20 credit card cash withdrawal as much as 15 per cent in taxes and charges over a year.

Tags: debit, losses, UK cards, result, period, uk, card details

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