According to research carried out by a banking research firm, there has been a worrying increase in cases of credit card fraud.
Losses from such fraud totalled over £535 million last year – an increase of around 25% compared to the previous year. Such an increase is coupled with a surge in crimes using stolen bank details – usually from overseas.
It is believed that since the introduction of chip-and-pin technology in 2003, credit card fraud has taken a tumble, thanks largely to the change in technology and increasing public awareness of safety while using their cards.
Because of this increased awareness on safety of credit cards and the dangers of scams and ‘phishing’ schemes, losses from online banking have fallen by a third since last year.
However, recent statistics have revealed that whilst some areas of credit card fraud have been decreasing, some areas have been on the increase. The levels of card-not-present fraud – which includes chip-and-pin and internet sales – has seen an increase of over 35%, almost double compared to in 2004.
As more of us are now opting to pay for online shopping, so we need to be more aware of potential dangers and ensure that we’re not presenting our bank and credit card details to unwelcome observers.
By keeping an eye on certain factors when buying online, so we can reduce our chances of our details falling into the wrong hands:
- Only use websites that use secured payment pages (look for sites which have ‘https’ before the site name)
- If you’re unable to pay using your credit card directly through the site itself, use a secure online payment system, such as PayPal, in order to make payments online. Some retail sites offer the chance to use this service as an alternative to their own payment service.
- Only buy from sites which you’re sure are safe, if you’re unsure about the security of a certain site, don’t be afraid to look for safer alternatives – even if it may mean having to pay slightly extra.
- If you should receive any suspicious e-mails that enquire about your personal details, or are about transactions you don’t remember making, do not respond under any circumstances and report these to your internet service provider and bank/credit card company immediately.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
UK & International Surrogacy Query
By: kizzie27 | 22-07-2008
I live in the UK and I would love to be a surrogate mother for a couple either in the UK or abroad (including US). I understand that all expenses, such as maternity wear are covered by the parents, but what about things like maternity leave from work? And also, if I were to have a child for a couple who live abroad, who would be liable for travel expenses, insurance etc?
Is zero APR business credit cards good for my ...
By: nika | 22-07-2008
Is zero APR business credit cards good for my start-up business?
I have a red rash on the center of the top of my ...
By: COURTNEY1234 | 22-07-2008
i have a red rash on the center of the top of my mouth. and i've been spitting blood for about 10 minutes now. i gave someone head the other night, did he give me something?
Confederate moneys value
By: Jim | 21-07-2008
A relitive left me 2 $10.00 bills 1864 confederate they are in plastic and graded by a company PMG they are graded 63 choice uncirculated and they have consecutive serial numbers. Can you tell me there value if any.
What is the correct way to figure the future value ...
By: Rick | 21-07-2008
What is the correct way to figure the future value of $100 put in an account that earns 4 percent for 10 years?
What is the correct way to figure the future value ...
By: Rick | 21-07-2008
What is the correct way to figure the future value of $1 put in an account that earns 5 percent for 20 years?
Q&A Powered by:
Latest Credit Articles
Get Student Credit Cards for Extra College Expenses
By: Devora Witts | 23/07/2008
There have been lately offers for students that feature specially designed credit card packaged for college students. These credit cards offer a combination of financing, flexibility, security and control so student can feel comfortable about managing their finances and at the same time obtaining the benefits that credit cards provide.
100% Equity Financing for Home Improvements
By: Devora Witts | 23/07/2008
It is possible to obtain financing up to 100% of your property’s market value with your mortgage balance and a home equity loan for home improvements combined. With this money you can start that long postponed home improvement project and turn your home into your dreamed home within a short period of time.
Credit Repair: How to Handle a Collector
By: Jim Kemish | 23/07/2008
If you are contacted by a collector you should know your rights. A nationally recognized consumer advocate and credit repair expert offers some useful advice about dealing with collectors, and coming out ahead.
Pick a Credit Card, Any Credit Card
By: Andy Adams | 23/07/2008
Getting a credit card in the midst of a credit crunch may seem possible but there are still many different cards with differnet offers so which one should you pick?
6 Steps to Minimize Your Credit Card Debts and Maximize Its Rewards
By: Ashley Jane Summers | 23/07/2008
All of us can get excited with the promise to earn more or get rewarded from our credit card spending. Credit cards with reward programs are definitely great but every reward credit card holder must also be aware of how to avoid its dangers and how to use it to their advantage.
True, if you don’t use your reward credit card wisely, you can get easily stuck in credit card debts. Nevertheless, there are ways to minimize the risks and maximize your rewards. Let’s talk about these steps one by one.
Credit Cards Combat Rising Petrol Prices
By: Christian Ward | 23/07/2008
The cost of fuel has spiralled this year, but you can help offset this by taking out the right type of cashback credit card.
How To Get A 0 APR Credit Card
By: Gordon Goodfellow | 23/07/2008
If you have ever wondered how to get a 0 APR credit card? There are lots of ways, but some are better than others. This article examines what you should be looking out for as well as some things to avoid.
Check, Monitor, & Maintain Your Credit Score
By: Thomas Boston | 22/07/2008
Checking and maintaining your credit score is one of the most important financial actions you can take as a consumer. This article goes over the importance of these actions.
More from David Collins
Holidays on a Shoestring
By: David Collins | 22/07/2008 | Travel Tips
For many of us, with spiralling food prices and rising costs of bills, the last thing we can afford to think about is a holiday. However, with an abundance of late deals available to destinations at home and abroad, you can still potentially have an enjoyable holiday on a budget.
Car Hire in Florida: Stepping Away From Disney
By: David Collins | 22/07/2008 | Destinations
Every year, thousands of tourists of all ages flock to Florida to take in the sights and sounds of theme parks. There are also a variety of different sights to enjoy for those wanting to make the drive out of Orlando and take in some more of the Sunshine State.
Utilities - Energy Monitors
By: David Collins | 18/07/2008 | Tools and Equipment
Keeping an eye on your energy levels can be beneficial for the cost of your utilities – as well as saving you some money in the process.
One of the most popular appliances are units which will calculate the level of energy used by taking readings from your meter, and warning you when you’re using too much.
Loans - Tough Times
By: David Collins | 18/07/2008 | Loans
As banks struggle to find finances, they become more reluctant to lend to just anybody. As a result, many who apply for loans and mortgages find themselves with rather the stumbling block.
Utilities - Energy Saving Devices
By: David Collins | 16/07/2008 | DIY
For some, energy saving devices can be a godsend when it comes to the utility bills. There are now devices to help us all around the house - from adaptors that will time out and stop current if appliances have been left for a long time and even kettles that will boil exact amounts of water.
Students and Loans
By: David Collins | 16/07/2008 | Loans
Going to university is supposed to be a chance for young people to study hard, party harder and in the process gain skills and knowledge to help them further future careers. However, for many students, the financial implications can be tough to take. As levels of student debt have risen over the past few years, many find themselves with large debts at the end of their studies.
Life Insurance - Taking a Sipp
By: David Collins | 10/07/2008 | Insurance
From October, savers will have the opportunity to transfer final-salary pensions into what are known as SIPP schemes (Self-invested personal pension), rather than having to be held in life insurance policies.
Car Insurance - Road Rage Britain
By: David Collins | 09/07/2008 | Insurance
Despite the spiralling cost of fuel, car ownership has risen since 1988, and running costs for cars in general have shown to be cheaper than 20 years ago, according to a recent survey.
Finance 
