One in Four Brits Hit w/Card Fraud

One in Four Brits Hit w/Card Fraud

Posted by John B. Frank Wednesday, January 28, 2009

The Press Association, is reporting that: "One in four Briton's are a victim of card fraud." According to their story, "1 in 4 Britons have been the victim of credit or debit card fraud." Research has shown that:

Around 26% of people have now had their card used fraudulently, up from 21% when the same research was carried out 12 months ago, according to life assistance group CPP. (Editor's Note: Unless they lived in London, where nearly 40% of Brits were victims.)

On average, fraudulent transactions totalled around £650, but 6% of people reported losses of more than £2,000. But despite the large sums of money involved, 42% of card fraud victims did not spot the rogue transactions themselves, and only found out about them when they were alerted by their bank.

London remained the country's credit and debit card fraud hot spot, with 38% of people living in the capital having been hit by the problem, a 10% jump on the number of people who had been affected last year. It was closely followed by Cardiff at 34%, Manchester at 29% and Brighton at 27%, where there was a 15% jump in the proportion of people hit during the year.

Nearly four out of 10 victims had their card used online, while 21% had it cloned when using a cash machine or chip and Pin device, with others losing money after their card was lost or stolen.

Kerry D'Souza, card fraud expert at CPP, said: "The dramatic increase in card fraud shows no sign of abating which isn't surprising given the desperate measures some people will resort to during the recession.

"Fraudsters are becoming increasingly sophisticated, especially when it comes to online transactions which are a particular cause for concern."

"Cardholders need to remain vigilant with their cards and take the necessary steps to protect themselves - from checking statements more frequently to keeping sight of their card when paying for transactions. It might seem like simple steps but they will go a long way in preventing fraud."

0 comments

Learn More About Us

Find out how our patented technology can empower your financial institution.

Our secure two-factor online banking authentication eliminates dangerous passwords and usernames and replicates the same trusted process used to access cash at ATM's. (Insert Bank Issued Card, Enter Bank Issued PIN)

There is an R.O.I. as FI's also earn recurring revenue from each transaction conducted using our PCI 2.0 Certified PIN Entry Device. Our technology also provides a unique real-time P2P "Instant-Transfer" which allows your online banking customer to transfer cash from ANY of their bankcards to ANY other bankcard...with the Swipe of a card.

Help your bank eliminate phishing and your customers avoid identity theft by providing them with the ability to stop typing and start swiping. There is no safer way to conduct financial transactions online than by 3DES DUKPT encrypting the cardholder details, which we do at the mag-head "inside the box/outside the browser."

All Top Banking