Fraud abroad continues to climb - 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.

Fraud abroad continues to climb

Fraud abroad continues to climb

Category: Credit cards

Updated: 24/03/2009
First Published: 23/03/2009

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 It is now over 6 months old so the content may be out of date.

Britons planning a break in the sun have been warned against the risk of credit card fraud abroad.

The call comes after banking body APACS revealed that losses on UK-issued cards amounted to £230.1 million last a year - the highest figure ever recorded and up 11% on 2007.

Furthermore, the level of fraud suffered by UK citizens on their travels has rocketed by 177 per cent in three years. Fraud abroad amounted to £82.8 million in 2005.

The International Currency Exchange (ICE) has advised travellers to opt for pre-paid cashcards as opposed to cards to reduce the risk of their plastic being cloned or stolen.

"These latest figures are struggling," said Andrew Hamilton, head of marketing at ICE. "We really hope this will be a wake up call to families travelling abroad who now, more than ever, need to be watching their hard-earned money."

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 Any products featured may be withdrawn by their provider or changed at any time.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.