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 Washington Post published an article recently after looking into credit card fraud and the trade of stolen card numbers online, finding that stolen European credit cards are five times more valuable than those from the US – with European card details going for around $50 USD each, and US ones closer to just $10 USD.
Why is this the case, and why are European cards more sought after by fraudsters? Well, the first reason is oversupply of US card details.
Visa Inc. And MasterCard have announced an agreement to license their respective common US debit solutions to each other in a collaboration that is designed to best streamline US chip debit transactions through a number of unaffiliated networks.
Chris McWilton, president for the North America region at MasterCard said of the move that "This represents our continued commitment to advance the adoption of the most advanced payment solutions and security standards in order to deliver maximum value to merchants,
According to a recent survey carried out by leading voucher site MyVoucherCodes.co.uk, one in five of us can’t explain the difference between a credit, debit or prepaid card, giving us a very revealing look at the financial illiteracy of the nation.
The survey, which asked more than 1,600 UK adults, looked at a number of common financial terms to see what exactly we knew about the financial services we use.
62% of the 1,600 UK adults who responded to the survey didn’t know what ‘APR’
Credit card companies are turning down more applicants with good credit scores than ever before as a result of algorithms designed to maximise profits, ruling individuals who are credit worthy as being bad for business, damaging their credit profiles in the process.
The process of vetting such individuals is designed to filter out customers that will prove to be unprofitable, like those who clear their balances every month and generally keep their accounts in good order.