Worrying new figures show increasing card fraud overseas is driving up losses on UK cards, up by 25% in the last year.
According to APACS, the UK payments association, card fraud losses in 2007 rose to £535.2 million.
It blamed rising card fraud overseas – when many of the victims are on holiday – as a key factor. Fraud abroad by criminals using stolen UK card details was up 77% last year, equivalent to £90.5 million, typically in countries yet to upgrade to chip and PIN. Fraud abroad now accounts for more than a third, 39%, of total fraud losses.
The statistics have been released in the same week the travel industry has been highlighted as bottom of the league for protecting customers’ identification. Security specialist GB Group said that only 6% of people polled in its annual ‘trust’ survey had faith in their tour operator to keep all their client details safe from the potential risk of ID fraud.
In the same survey, just under half, 48%, of UK consumers did not trust their high-street bank or building society to protect their personal details from identity thieves.
The company said the research should act as a wake up call to businesses to prove they can protect consumers against identity fraud and warned consumers will vote with their feet if organisations do not tighten up their fraud safeguards.
Managing director of GB’s fraud prevention business Rob Laurence said: “Essentially businesses need to tackle identity fraud with the same vigour as they are already doing with environmental issues. If they don’t, then it’s highly likely consumers will form pressure groups to get their voices heard.”