Fraudsters sting UK travellers for £92 million
Credit card fraud committed on UK travellers has fallen to a five year low – but swindlers are still raking in more than £90 million, research has revealed.
Figures released by APACS, the industry representing credit card issuers, showed total fraud against holidaymakers and business travellers dropped from £104 million in 2003 to £92.5 million last year.
It is the fourth consecutive improvement – despite a 93% increase in UK-issued cards – and down from a high in 2001 of almost £140 million.
Visitors to the US were most at risk, suffering £16.4 million worth of fraud, followed by France with £15.8 million and Spain £12.3 million.
Fraud in France showed the most significant year-on-year drop, down from £23.6 million in 2003.
Travellers to Japan and Canada have become more vulnerable with both countries moving into the top ten while Ireland and Switzerland drop out.
APCAS attributed the fall to the widespread introduction of chip and pin, sophisticated fraud detection systems that enable companies to spot unusual spending patterns and the detection of several international card counterfeit rings.
Despite the decline, APACS warned holidaymakers to remain vigilant and has posted an online guide on protecting against fraud at www.cardwatch.org.uk.
Report by Steve Jones
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