Credit card fraud 'most damaging' at Christmas - Credit cards - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Credit card fraud 'most damaging' at Christmas

Credit card fraud 'most damaging' at Christmas

Category: Credit cards

Updated: 24/12/2008
First Published: 19/12/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers have been advised to be particularly aware of the danger of credit card fraud in the run-up to Christmas.

According to Danny Harrison, card fraud expert at life assistance company the CPP Group, such crimes become more common at this time of year, but also have the greatest impact.

"It takes time if your bank account has been emptied to prove that you are innocent and get the money back into your account, by which time it might be too late to do the Christmas shopping," he said.

Mr Harrison noted that card-not-present fraud has been on the increase in recent years, with fraudsters being able to record information in seconds.

He explained that it can occur in bars and restaurants, when cards are taken away for payment or left after a tab has been set up.

The CPP Group recently found that three-quarters of people have had their debit and credit cards taken out of their sight in such establishments.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Credit card mistakes cost borrowers £948m

At this time of year, many people could be turning to balance transfer credit cards in an attempt to overcome their Christmas debt. However, many of these borrowers could get caught out in the year ahead, and they could end up paying for it.

6 of the best balance transfer credit cards

Does the thought of opening your credit card bills fill you with fear? If so, you're not alone! Christmas may be over, but unfortunately, many people will still be paying for it, after turning to credit to cover the cost of their festive spend.

Get a better credit score for the New Year

A new year means a fresh start, and one of the best things you can do is take a cold, hard look at your finances – particularly when it comes to your credit score.