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 European Commission have announced a new payment services direction, otherwise known as PSD2, and a new set of regulations designed to tackle and limit interchange fees for credit, debit and prepaid card based transactions throughout the Eurozone.
Payments in the EU account for as much as 1% of GDP, a sum that is estimated at some 130 billion Euros each year, and is something that many MEPs have suggested that the union can ill afford in the current economic climate.
As hidden fees for transactions look set to be scrapped, a report warns consumers that the cost will be passed on to them in the form of annual fees for the privilege of having a card. These fees are suspected to be as much as £11 for debit and prepaid cards and £25 for credit cards, designed to make up for expected losses of up to 2.4 Billion for banks and issuers.
These charges would effectively end free banking throughout the Eurozone,