Credit Card Fraud Abroad Rises

13th March 2008

Credit card fraud overall has risen, according to the latest figures released by APACS, the UK payment association, with the overall rise due to a seventy seven per cent rise in card fraud in countries which have yet to upgrade to use the more secure Chip and PIN authorisation method.

The three countries where holiday makers are most likely to suffer card fraud are the United States, Italy and Australia. The United States has consistently refused to sign up for the Chip and PIN anti-fraud technology, however both Australia and Italy are introducing the new system.

In the UK, card fraud in stores or over the counter transactions has dropped by two thirds, and online banking fraud losses are also down by a third in the three years since the introduction of Chip and PIN.

"Although card fraud levels have now begun to go up again due to fraud abroad and card-not-present fraud losses, chip and PIN has proven to be an undoubted success in reducing card fraud on the UK high street. And, as more countries follow our lead and upgrade to chip and PIN, the opportunities for criminals to use our stolen magnetic stripe details overseas will decrease" said Sandra Quinn, director of communications at APACS.