The amount of fraud committed with credit cards could be reduced if banks were to establish global standards for security, according to HSBC .
While chip and pin technology has dramatically lowered the number of cases of credit card fraud since it was introduced in the UK, those countries which currently do not use it are still seeing instances of the crime.
Consumers in Britain are also at risk from gangs which steal credit cards in the UK to take them abroad to countries without sufficient security measures to prevent the fraudulent use of the products.
Tim Pie, spokesperson for HSBC, said: "If chip and pin technology could be introduced into more markets where it is currently not in use then a major source of fraud against British card holders would be removed."
The UK Cards Association recently found that total losses for retailers caused by credit card fraud have fallen by 35 per cent since 2005.
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Global standards to beat credit card fraud, says HSBC
Tue, 21 Jul 2009
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