Credit card fraud on the increase overseas

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According to APACS, the payments services body, an increasing amount of UK holidaymakers are becoming victims of credit card fraud. Levels of credit card fraud are at their lowest levels for 3 years, primarily due to the chip and PIN system.

The total sum of money lost to credit card fraud in the UK dropped 3% in 2006, to £428 million, but credit card fraud overseas on UK cards rose 43% in 2006, to £118.2 million. These figures indicate that credit card fraud outside the UK accounted for nearly 30% of the losses sustained by banks, retailers and individuals, compared with 19% in 2005.

On a global scale, losses involving UK-issued cards in 2006 are as follows – the USA £16.7 million, France £7.5 million, Spain £6.7 million, Italy £6.4 million and Thailand £4.1 million.

There are no plans to introduce chip and PIN in the USA in spite of a 49% year-on-year increase in credit card fraud against UK cardholders.

Spain and France are introducing the new chip and PIN system and in these countries fraud involving UK-issued cards declined 30% and 35% respectively.

According to APACS, criminals can still skim the cards and commit fraud in countries where chip and PIN is not available.


Comments (1)

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  1. Mike says:

    Banks have option to reduce card, cheque, mail order and identity fraud to VIRTUALLY ZERO simply by implementing ID KEY system described on website http://www.xwave.co.uk

    Fake documents have made signature system unreliable but ID stickers will make these signatures reliable again.

    Skimmers and pin-hole cameras have made ATM transactions unreliable but use of Card Key Code stored on ID KEY to activate ATMs will make ATM transactions reliable again. This system will make use of stolen and skimmed cards meaningless.

    This shows that if banks implement ID KEY system we will not have to prosecute organisations for failing to protect our personal and card details since these details will not get misused.