Research by Merchant Machine found that the UK has the highest number of fraud cases per 1,000 people in Europe. This equates to 123 people scammed per 1,000 inhabitants, with the highest amount for someone losing within this group being €10,414. Given the current exchange rate, €10,414 is around £8,855, which is a considerable amount of money to lose during the ongoing cost of living crisis.
In light of this, those affected by credit card payment fraud are looking for guidance on what to look for when targeted by criminals.
In an average month in the UK, there are around 170 searches on Google for ‘report credit card fraud’ and 1,000 searches for ‘credit card fraud’.
This suggests that this is an ongoing problem that affects Brits to some degree and needs to be addressed.
Of all 19 counties profiled by Merchant Machine, Ireland loses the second largest amount of money to fraud per 1,000 cards with €5,145 (£4,374) each month.
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In this country, approximately 88 out of 1,000 inhabitants are victims of credit card payment scams.
Behind the UK is France, which has the highest fraud volume and value per 1,000 cards, according to Merchant Machine.
In France, for every 1,000 credit cards, there are 83 cases of fraud resulting in a total loss of €5,521 (£4,694).
As part of its breakdown of how much the UK is losing to credit card payment scams, Merchant Machine has shared some tips on how people can stay safe when shopping online.
DO NOT MISS
Credit card experts explained, “Don’t lose sight of your credit card when paying for something in person.
“If someone gets hold of it, they could potentially copy or tamper with it.
“Beware of unexpected text messages, phone calls and emails.
“Phishing scams are set up by fraudsters to trick you into revealing your financial information by posing as a bank or online store.
“If this doesn’t seem right to you, always avoid clicking on links or submitting your personal information.”
Additionally, the company encouraged those who use their credit cards to protect their private information and check their bank statements regularly.
On this, Merchant Machine said, “Never tell anyone your PIN.
“Always keep your PIN private, the only person who should know a credit card PIN is the cardholder.
“Check your credit card statements regularly. Keep an eye out for unknown purchases or transactions that weren’t made by you so you can immediately report suspicious activity to your credit card company.
“Use a strong password for internet banking. You must create a unique password for each online banking account you have, using a random combination of letters, numbers and special characters.
A Merchant Machine expert added: “While using a credit card for online purchases provides additional protection, it is still crucial that consumers take every possible precaution to reduce the risk of fraud.
“We recommend that you keep your confidential information as secure as possible, act with caution when you receive unexpected messages from banks or online stores, and keep a close eye on your purchase history.”