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December 2, 2019

Over one-fifth of Britons faced credit card fraud in 2019, says report

More than one fifth (21%) of Britons got their credit card annulled or changed due to attempted fraud during the last one year, revealed a report by price comparison site Compare the Market.

This number is equal to 11 million Britons.

The report further highlights that money was stolen in more than half of these fraud cases (51%). It means every UK citizen lost £846 on an average.

According to the report, nearly 21% of the participants said that they became a victim of credit card fraud while executing the online payment.

More than one in 10 participants (11%) said their card had been compromised by a card skimmer. Just 4% of the respondents said that their credit card was physically stolen.

The report further points out that in over a third of the cases (37%), people whose cards were compromised did not know or couldn’t recall how their card was hacked.

Despite the increasing incident of credit card fraud, people are not careful about their cards as 82% of the respondents said that they had not switched their provider after experiencing a hack. head of money John Crossley said: “It’s important not to make yourself vulnerable to hackers. Ensuring you have separate passwords and PINs for different accounts or cards and are familiar with some of the tricks fraudsters use, will help keep your money secure.”

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