UK has Highest Rate of Card Fraud in Europe, New Study Finds
Monday, 7 July 2014
A new study from payment systems company ACI Worldwide has revealed the UK to be the country worst hit by credit card fraud throughout Europe, with 1 in 4 Brits having been affected by it over the past five years.
The study, conducted by research firm Aite Group on behalf of ACI Worldwide, interviewed some 6,000 consumers in 20 countries as part of their 2014 Global Fraud Report. It found that whilst the UK suffered the highest rate of card fraud throughout Europe, the top 3 countries worldwide were UAE with 44%, China with 42% and the US and India tied in third with 41%.
It’s not all bad news for the UK, as the rate of 28% was a significant improvement on a similar study in 2012, which showed that 34% of Brits had been victims of card fraud; the total value of UK card fraud, despite rising 16% on the last year, from £388.3m to £450.4m, was still down 26% on its peak back in 2008.
Experts attribute , what are still fairly high card fraud rates, at least in part, to Brits still engaging in what could be called “risky behaviour”, with 16% leaving their mobiles unlocked when not using them, 15% disposing of their bank statements and other documents in the bin, and 9% shopping online without adequate PC security software.
Andy Morris, solutions lead at ACI Worldwide, said of the study that "It's important we also take into account the context of these results. In recent years there has been a rise of card not present fraud, where criminals can bypass Chip and PIN online by using card details, expiry dates and the security code to defraud victims,"
"The good news is that more defensive methods have been put in place and we have begun to see criminals return to their low-tech tactics of the past."
Source: Annual ACI Worldwide Global Fraud Report 2012