2 October 2008
Fraud committed against UK credit card holders by criminals working overseas now accounts for 40% of total credit card losses, new figures show. According to the UK payments association Apacs, losses due to fraud abroad - which involves criminals using stolen UK credit card details to purchase goods and make cash withdrawals in other countries - have increased by 190% over the last three years. Apacs claims the increase can be attributed to the lack of Chip and PIN technology in some European countries, insisting the figures may come down when the European banking industry meets its 2010 target for chip card rollout. Indeed, in the UK where Chip and PIN has made it more difficult for criminals to commit credit card fraud, losses at retailers have fallen by 35% since 2005. Sandra Quinn, Director of Communications at Apacs, said: "Criminals continue to target those areas where we do not currently have the security benefits of Chip and PIN." Card Watch states that most fraud abroad occurs on credit cards that have been skimmed in the UK, although it can also be committed by criminals who obtain the details of British cardholders while they are on holiday.
© 2008 Adfero Ltd
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