Protecting your Credit Cards Abroad
Take precautions with your credit cards before you set off on your travels as fraud abroad is on the increase. Some countries have not yet introduced chip and PIN so it pays to be as vigilant with your means of finance, as you would be at home.
More from Credit Fraud and Protecting Your Credit Cards
18 December 2008
Protecting Your Credit Cards Abroad
Criminals intent on fraud are increasingly looking to countries that have yet to introduce the chip and PIN system.”
The introduction of chip and PIN (personal identification number) in the UK has made it harder for criminals to commit fraud so they are increasingly looking to countries that have yet to introduce this system.
APACS state that criminals are stealing magnetic stripe card details from the UK and then making fake stripe cards to be used in countries without chip and PIN.
If you lose your credit card in the UK it may travel much further than you expect.
If you Lose Your Card in the UK
Report the theft to all of your card providers immediately. The cards need to be cancelled so that they cannot be used anymore
Emergency numbers are provided on your statements or online through your card provider’s website. The introduction of chip and PIN has made it more difficult for the thief to use your card in UK retail outlets, but they might be trying to use your card on the phone or on the Internet where a PIN is not required.
When you call your provider give them as much detail as possible including when you were last in possession of your card and when you last paid for something with it.
Report it io the Police
It is important to report the theft of your to the police and this may help with tracing the losses on your card. You may also need to give your provider a crime number, which the police will give you. Call your local police station to report the theft.
Where in the World?
The countries where fraud is being committed has changed in the past three years due to Chip and PIN. Fraud has declined in France and Spain but has increased on UK issued cards in the US by 118% since 2005.
The US is now the top country for fraud abroad using UK issued cards. Italy and Australia have now moved into the top three.
As more countries roll out chip and PIN it is expected that fraud will continue to shift towards countries such as the US, which, as yet, has no plans introduce the technology.
Tips for Travellers
When you’ve saved for a precious break, the last thing you want it to lose your credit card abroad. The card cloning that APACS cite means that it is better to take a minimal amount of cards abroad.
Never lose sight of your card – don’t leave it behind the bar or let the waiter take it away.
If you take just one card on holiday this means that you can load your spending on it and keep track of your finances. It is a good idea to phone your provider to let them know that you are going away and that you will be using the card. As card providers are very hot on fraud we have known instances where a card was used by the legitimate user but then stopped by the provider. Activity on the card overseas can be seen as unusual pattern and when the provider sees this, it will try to get hold of you or may even block the card. Let them know first.
There are also anti-fraud measures in place where the overseas retailer is asked to check with the credit card company before the transaction is completed. Occasionally retailers assume this means that the cards are declined and won’t accept the card. You can get round this once again, by calling your provider before you go.
If your card is lost or stolen call your provider straight away. Take a note of the 24 hour emergency number they provide in case the worst happens.
Treat your card, PIN and personal details in exactly the same way that you would when at home – with the utmost caution.
Check your statements carefully when you get home to ensure that only you have spent on the card.
