Credit Card Crime Viewed as Biggest Fraud Threat

Published on 1 January 1970 by Raffick Marday

Consumers admit car crime is their biggest fraud threat, according to latest figures, yet many people fail to take basic precautions to protect themselves.

The survey revealed 50 percent of consumers view card fraud as the biggest financial threat, but one in ten carry their PIN number in the same place as their card, increasing the risk.

This figure rises to 12 percent globally, ACI Worldwide showed, and 15 percent of UK consumers are still throwing their bank statements and receipts in the bin.

A further 49 percent of respondents said they are worried about their account being wiped-out or not having the ability to pay due to fraud. While 64 percent are worried about card fraud due to the economic climate.

“When it comes to fraud, prevention is obviously better than a cure,” said Andy Morris, ACI Worldwide, Risk Business Solutions Consultant.

“Because carrying large volumes of cash is not advisable for consumers and processing and handling cash is expensive for banks and the wider economy, the best course for banks – and consumers – is preventing the fraud occurring in the first place.”

Many consumers believe card fraud is increasing, with 59 percent believing this to be the case, and 36 percent are afraid of card crime because their financial situation is delicate and they cannot afford to be a victim.

More Brits also typically worry about card crime when they use their plastic overseas, 63 percent, and 60 percent worry about using it online.

Globally, 15 percent of cardholders fear their money will be used to fund organised crime, compared to 10 percent whose main concern is their individual credit rating.

If you are planning on going abroad this spring, a Travel Prepaid Card is a good way to carry foreign currency abroad. It prevents the need to use your debit or credit card, and also the need to carry a wad of cash on you.

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