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By Courtesy of Equifax
Aug 1, 2008 - 7:45:57 PM
77% INCREASE IN FRAUD ABROAD MEANS HOLIDAYMAKERS MUST WATCH OUT! The success of chip and PIN in the UK means fraudsters are turning to other countries to perpetrate their crime, prompting leading ID fraud expert, Equifax, to warn British holidaymakers to take extra care when heading overseas – especially those going to the US. According to the latest figures from APACS*, fraud abroad was up 77% in 2007, to £207.6million – accounting for a third of total UK card fraud losses. The research also highlights that there has been a change in the countries where fraud is occurring, with a marked decline in France and Spain where chip and PIN is now well accepted. Criminals steal magnetic strip details from UK cards to make fakes to use in countries without chip and PIN. The USA, where chip and PIN is not in use, has therefore seen the greatest increase in card fraud and this should ring warning bells for British holidaymakers heading to popular hotspots like Florida and California. The latest survey from Lonely Planet** reveals that the US is the destination travellers are most likely to visit next. “Fraud on UK-issued cards in the USA has increased by 118% since 2005 to £24.6million in 2007 and this is hugely worrying for the thousands of families wanting to make the most of the strong pound over the summer months”, confirmed Neil Munroe, External Affairs Director, Equifax. “This makes the US the top country for fraud abroad. But holidaymakers heading to Italy and Australia also need to be extra alert as both of these countries have also seen considerable increases. “As well as taking credit cards abroad, holidaymakers carry a lot of important personal information with them, including their passport and driving licence, and this makes them prime targets for fraudsters. The fact that people are more relaxed on holiday makes it easier for fraudsters to take advantage. Holidaymakers therefore need to be vigilant at all times and make sure that not only do they stay alert to how their credit cards are being used, but they keep key documents safe and secure.” In addition, the Lonely Planet report revealed that 82% of travellers admit to taking their mobile phone on holiday with them. According to recent Equifax research, mobile phones are often used to store PINs and passwords. This is therefore another risk holidaymakers could face. “The key is to be alert and aware of the risks that you face when travelling abroad”, concluded Neil Munroe. “When using credit cards you should exercise the same caution as you do at home. Never let restaurant, hotel or shop staff go out of sight with your card. And when you return, carefully check credit card and bank statements. It’s also worth getting an up to date copy of your credit report, just to make sure that nothing even worse has happened such as new credit cards or accounts opened in your name.” Top Tips on How to Avoid Holiday Fraud * APACS - Fraud the Facts 2008
Equifax advises holidaymakers to take extra care, especially those heading to USA
** The Lonely Planet Traveller's Pulse Survey 2008
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