Brits 'concerned by credit card fraud'

Money News

www.moneynews.co.uk > Credit cards > Brits 'concerned by credit card fraud'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Brits 'concerned by credit card fraud'

UK consumers have expressed growing concerns about the threat of credit card fraud, according to a new report from Credit Cards GB.

Although people are now more careful with their personal details, credit card fraud remains a large problem in the UK, partly due to the fact that increased caution is not having any effect on the rate at which consumers spend on their cards.

It is estimated that as much as 15 per cent of the average consumer's income is spent on credit card purchases, so it is no wonder that fraudsters are attracted to the market.

Chip and pin technology has made it more difficult for criminals to commit identity fraud, reducing physical card fraud from £220 million to £70 million in the UK over the last two years.

However, a large number of people are still left vulnerable to overseas and 'card not present' (CNP) fraud, which includes online scams. According to payment trade association Apacs, CNP fraud has risen by more than 40 per cent since 2005.

About 13 per cent of UK credit card holders have been victim to some level of identity fraud, highlighting the need for the authorities and finance industry to invest a lot more resources into fighting fraud.

Related News : Credit cards

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet