UK credit card fraud losses higher overseas, says report
Fraud losses on UK credit cards are a total of 14 times higher overseas than they are in this country, according to a new report.
UK credit card fraud losses higher overseas, says report
Industry consultant Peter Welch said the introduction of anti-fraud measures in the UK - such as chip and pin - has resulted in credit card fraud being pushed into countries where such systems have not yet been introduced and protection against fraud is weaker.
He added a similar pattern is now being seen in other European countries such as France and Spain.
Mr Welch said losses from overseas fraud made up 40 per cent of total deficiency on UK credit cards in 2007, the Press Association notes.
But he stated that because international card usage is lower than its domestic counterpart, overseas losses are far higher as a proportion of the amount spent, with transnational losses on UK cards being 14 times higher than ones in this country relative to turnover.
Written by Max Jennings ©
