Credit card fraud on the rise

The number of fraudsters using someone else’s personal details to apply for credit cards rose by almost a third (31%) in 2018 compared to the previous year, figures from Experian reveal.

In addition to the rise in credit card fraud, Experian also revealed that a new incident of financial fraud was recorded every 15 seconds last year.

This is worrying news for consumers as it comes just before the summer holiday season when many will be using their credit cards to pay for holidays. While it is still advisable to pay for big-ticket purchases, such as holidays, using credit cards as they provide greater protection against fraud – regulations and legal protections mean card victims are entitled to claim the money back – it is still vital to minimise the risk of being the victim from credit card fraud.

Although there is no way of completely protecting yourself from credit card fraud, there are ways of minimising the risks. Simple ways to help keep your credit card safe include:

• Keeping your card in sight when using it.
• Using a hard-to-guess pin and keeping it private.
• Regularly checking your credit card statements and credit reports to ensure that you are aware of all transactions that have been made.
• Avoiding credit card machines that look like they’ve been tampered with in any way.
• Don’t provide anyone with your credit card information over the phone or via email.
• Closing unused credit card accounts.

• Ask for your four-digit card PIN or your online banking password or to enter these into your telephone keypad.
• Send someone to your house to collect your cash, PIN, payment card or cheque book.
• Ask you to update your personal details via a link in an email or text message.
• Tell you to transfer money to a new account due to an occurrence of fraud or to protect you from fraud.