Credit card fraud abroad on the increase

Statistics recently released by a payments association in the UK, Apacs, shows that the rate of credit card fraud overseas increased drastically since January 2005.

Losses to credit card fraud reported in January 2005 were only £41.8 million. That number climbed to a total of 108.8 million in June 2007.

The rates of fraud abroad reflect positively on steps taken within Britain to cut down on credit card fraud. The introduction of new security measures such as Pin numbers and chips has led to a decrease of four per cent in fraud at home.

Many countries outside the UK have not yet adopted similar security techniques which leave British cards exposed when abroad. Criminals are able to copy the information which is stored on the magnetic strip of a credit card and use it to make a fake card. The fake can be used in any country abroad with no Pin system in place.

Apac's director of communications, Sandra Quinn commented: "These figures show how the fraudsters have changed tack. We will continue to use fraud intelligence systems to tackle overseas losses and encourage those countries that are lagging behind on chip and Pin to follow our lead.


Follow these links to find out more or to get a quote on Travel insurance, UK airport parking, UK airport hotels or UK airport lounges.



Jennifer Jones Editorial


4/10/2007


Related Travel News:

 
 



Read more Worldwide Travel news