Russia exhibits less card fraud than other Western countries – UCS

Russian credit cards are less likely to be subject to card fraud due to banks in Russia using payment systems with up-to-date security features according to a report from United Card Service (UCS).

Russian credit cards are less likely to be subject to card fraud due to banks in Russia using payment systems with up-to-date security features according to a report from United Card Service (UCS).

Security features such as, payment verification by SMS lessen the chance of Russian issued credit cards being involved in fraudulent transactions compared to their counterparts in Western countries.

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Cards issued from the US account for 67% of fraudulent payments in the Middle East, Africa and Central Europe.

Alexander Kuznetsov, manager of risk and security at UCS, commented that political and economic borders between countries prevent banks from acting quickly on suspicious transactions, so often stolen payment information is not used in the country in which the card was issued.

The majority of credit card numbers are stolen by hacking databases or as users are making online purchases.

Statistics released by the Bank of Russia in early 2013, revealed credit and debit card payments are uncommon in Russia with cash withdrawals accounting for 83% of all card transactions.