Figures show fall in credit card fraud

Recent figures have shown that the level of credit card fraud seen in the UK during the first half of this year fell. In fact, according to recently released figures the level of fraud fell to its lowest level in ten years. Officials believe that a number of factors have contributed to the drop in credit card fraud levels.

During the first six months of this year the value of losses caused by credit card fraud came to around £186.8 million. Compared to the first six months of last year this reflected an impressive drop of 20 percent. According to the UK Cards Association the drop in credit card fraud is down to a number of security initiatives.

Amongst the security initiatives that were highlighted by the UK Cards Association as being partly responsible for the drop in credit card fraud was the increased rollout of updated chip cards across the UK as well as raising awareness amongst retailers over how they could increase protection against fraud on their chip and pin machines.

Cardholders and retailers are also said to be signing up more for security measures such as Verified by Visa and MasterCard SecureCode, which helps to protect cardholders from fraudulent activity.

Further good news was that the level of online fraud had fallen, with more people now aware of things such as phishing scams and protecting accounts more effectively in terms of passwords. Online banking fraud losses are said to have enjoyed an impressive 36 percent fall in the first six months of this year compared to the first six months of last year.

Melanie Johnson, Chair of The UK Cards Association, said: “These figures are testament to the importance that the UK’s card companies place on driving down card fraud losses and reducing any inconvenience to customers.”

Tags: Association, fraud, credit card fraud, security measures, Credit Cards, UK Cards Association, banking fraud, Visa

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Fifty Percent of UK Shoppers Don’t Shop Online

According to a recent survey of the shopping preferences of UK consumers, over half of those surveyed say they are fearful of shopping online because they have to enter their credit card details on Internet shopping sites. Read more

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Easter credit card warning for travelling Britons

Consumers planning on making a trip abroad over the Easter period are being encouraged to avoid the “unnecessary” charges that may be imposed upon them when making debit and credit card transactions.

Research carried out by Nationwide shows that the 15 million Britons who travelled abroad over the Easter period last year wasted nearly £16 million in charges imposed upon them by financial providers.

Jeremy Wood, divisional director at Nationwide, said: “People who are planning to go abroad this Easter should be aware of the hidden charges that most card providers impose which are both costly and unnecessary.”

“Anyone using a Nationwide debit or credit card will not be charged any foreign usage fees on purchases and will therefore have extra money to enjoy while on holiday,” he added.

With over 24 million Visa outlets around the globe, Nationwide also claims consumers will have no trouble accessing cash when they go abroad

Tags: credit card transactions.Research, Easter, credit, period, GBP, MasterCard, Visa, Nationwide debit