Many people have become aware of the risks of using plastic cards since the introduction of EMV technology. This awareness has led to many consumers using chip-enabled cards when making transactions. But, the industry still faces challenges in reducing card fraud. This article highlights how the UK is a significant hub for card fraud and what consumers can do to protect themselves.
Despite the popularity of plastic cards, some European countries have been slow to adopt EMV technology. Thieves are more likely to use credit and debit cards at POS terminals that don’t support these chips. What makes these countries more susceptible to card fraud than others? Most banks in Europe have been the victims of card fraud. As a result, many think the UK is a significant hub for card fraud. According to one report, 1 in 5 UK transactions goes through fraudulent cards each year.
Reason’s Of Card Fraud.
One reason is that consumers can’t always tell when a transaction isn’t legitimate. Many don’t realize that expected card end dates aren’t related to safety concerns. Instead, they should be wary of transactions made after their card expired or had its security chip removed. Who gives thieves extra time to carry out fraudulent activities with their old cards before new ones are issued? To stay safe, consumers should never remove their security chips or let their cards expire past their appropriate date range unless they want to lose money through fraudsters’ use of their old cards.
Fraud against banks is one example of card theft affecting European consumers. According to one study, British businesses are among the highest victims of card fraud in Europe, with 55% of all stolen payments going towards purchases made with stolen or fake cards. The UK has the highest level of card fraud in Europe—second only to France in volume and severity. The primary methods criminals use to carry out transactions include skimming and infiltration, which involve criminals posing as legitimate business people at POS terminals or via email and phone calls. Once they gain access. Thieves move and make purchases without further verification using compromised or fake credit or debit cards.
The UK has a higher volume and rate of card fraud than other European countries. Thanks to weaknesses within its banking system and general consumer negligence towards security precautions.
The UK has a higher volume and rate of card fraud than other European countries. Thanks to weaknesses within its banking system and general consumer negligence towards security precautions. Recent reports show that chip-enabled terminals haven’t reduced losses due to criminals bypassing them via alternative methods such as skimming or infiltration. Also, banks are still prime targets for thieves. Recent attacks on several institutions in Spain, France, Belgium, Italy, Ireland, Germany, Poland, Portugal, Greece, Luxembourg, Estonia, Cyprus, Malta, and Russia are shown. While no country can drop fraudulent activity on plastic cards. Everyone can take steps toward staying safe by being aware of potential risks associated with plastic transactions.
1. The UK is the most prominent card fraud country in Europe.
The UK is the largest card fraud country in Europe. The UK is home to over half of all credit card fraud cases reported to the major global credit reporting agencies (CRAs) each year. According to data gathered by CRAs between January 2016 and September 2017, the UK accounted for 40% of all credit card fraud reports submitted to Equifax, TransUnion, and Experian.
2. Fraudsters use stolen cards to buy goods worth £1 billion a year.
According to research published today, fraudsters using stolen credit cards to make online purchases cost the British economy £1 billion a year. The study by the National Crime Agency (NCA), the UK’s leading crime-fighting agency, revealed that the average value of fraudulent transactions was £1,000, equal to the cost of a new car.
3. Criminals use stolen cards to access cash machines.
The NCA said criminals were targeting ATMs and cash machines after they hacke. The report showed that in the first nine months of 2017, almost two-thirds of all. ATM hacking incidents resulted in criminals accessing cash machines.
4. Online shopping accounts for the majority of fraud.
Online shopping is now the most popular way for people to commit fraud, accounting for 63% of all incidents. The NCA said that most of these crimes involved individuals looking to steal money from their victim’s bank account.
5. Most fraudsters target women.
Women targeted by fraudsters, with men committing 17 percent of all fraud offences. Yet, women are much more likely than men to be affected by fraud, with women being the victims of about three-quarters of all fraud offences.
6. Identity theft costs consumers £8.9 billion a year.
Identity theft estimates to cost consumers around £8.9 billion a year. That equates to £1,100 for every person in Britain.
7. Credit card fraud costs businesses £3.5 billion a year.
Daily, fraudsters cause businesses to lose millions of pounds in revenue due to credit card fraud. Last year alone, businesses lost £3.5 billion to fraud.Read More