Incidents of debit and credit card fraud rose by 26 per cent over the first six months of 2007, a new study has shown.
Data released by uSwitch.com indicated that this is mainly due to an increase in fraud on debit and credit cards committed outside the UK. Domestically, fraud of this nature dropped by four per cent in the period.
Overseas however, incidents of debit and credit card fraud increased two-fold over the six months in question.
Mike Naylor, personal finance expert at uSwitch.com, commented on an 11 per cent fall in card fraud in retail outlets and a 57 per cent drop in instances at cash machines, claiming that chip and pin has been a success.
"However, it is disappointing for all parties involved that fraudsters have found another loophole in the system by using counterfeit cards abroad," he added.
Mr Naylor also warned that if the trend continues it will have "dramatically" increased by the end of the decade.
Meanwhile moneysupermarket.com recently revealed that Brits spend a collective £4.5 billion on alcohol overseas.
News Side
Credit card fraud on the up
Thu, 04 Oct 2007
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