Foreign fraud on credit cards and debit cards issued in the UK has reached a five-year low, according to new figures by the plastic card industry association.
Apacs has revealed that the total of fraud committed last year was the lowest since 1999, and amounted to £92.5 million. In 2001 the total of credit card and debit card fraud was £138 million.
Improved fraud detection systems that enable credit card and debit card providers to spot unusual spending patterns, helped bring about the lower levels of fraud.
This does not mean that users of debit cards and credit cards could become complacent about using their cards when they are on holiday abroad, Apacs has warned.
Holidaymakers should never let their credit cards and debit cards out of their sight, and should remember to dispose of receipts carefully, said Sarah Quinn, communications director at Apacs.
She added that chip and PIN technology is used widely across the world, particularly in Europe.
"Therefore you will need to know your PIN when you go overseas as it is more and more likely that you will be asked to use it. Obviously this is good news for UK cardholders as it means that card criminals will increasingly find it harder to use stolen cards abroad," she said.
Foreign fraud accounts for 18 per cent of all British credit card and debit card fraud, which amounted to £505 million in 2004.
Credit card and debit card fraudsters are particularly active in the US, France and Spain.
UK card fraud abroad lowest in years
Credit Card Quote Line
0845 108 0505
Financial Services > Credit Cards > Credit Cards News
UK card fraud abroad lowest in years
Wed, 15 Jun 2005
| credit Card news |
|---|
| Credit card holders happy with their cards - Fri, 23 Jul 2010 |
| Holidays to lead to credit card debt - Mon, 12 Jul 2010 |
| New credit card from Halifax helps holidaymakers - Thu, 08 Jul 2010 |
| More News |
Choose the perfect card
Choose the right credit card for you and apply with confidence.
