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Thursday 11th of October 2007
July 18, 2007

Credit card fraud increases for UK holidaymakers

by Gill Montia

Story link: Credit card fraud increases for UK holidaymakers

A growing number of UK holiday makers are becoming victims of credit card fraud, according to APACS, the payments services body.

Levels of credit card fraud have fallen to their lowest levels in the UK for three years, largely because of chip and PIN technology.

In the UK, the amount of money lost to card fraud decreased 3% in 2006, to £428 million, but fraud committed abroad on UK cards increased 43% during the year, to £118.2 million.

The figures mean that overseas fraud accounted for 28% of the losses sustained by banks, retailers and individuals, as compared with 19% in 2005.

On a geographical basis losses involving UK-issued cards in 2006 are as follows: the US £16.7 million; France £7.5 million; Spain £6.7 million; Italy £6.4 million; Thailand £4.1 million.

The US does not yet have plans to introduce chip and PIN, despite a 49% year-on-year increase in credit card fraud against UK cardholders.

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

In countries where chip and PIN is still not widely available criminals can still easily skim the cards and commit their fraudulent activities.

 

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