You may not know this, but Britain experiences the highest card fraud in Europe. In fact, it’s so bad that card companies are now implementing new security measures to help combat the issue.
This is according to data from the European Central Bank, which has been analyzed by the Social Market Foundation (SMF)
The study found that the UK accounted for more than a quarter of all card fraud in Europe last year. This is despite the fact that the UK is only home to around a tenth of the bloc’s population.
What’s behind this high level of fraud? Well, there are many reasons. Firstly, UK consumers are increasingly using cards to make purchases both in the UK and abroad. Additionally, British banks are making it easier for consumers to make online and mobile payments.
All this means that there are more opportunities for criminals to commit card fraud. And it’s not just individuals who are being targeted—businesses are also being targeted with increasing regularity.
UK £8,833.20: cost of fraud per 1000 people
That’s a lot of money, right? In fact, it’s the highest amount in Europe. But what’s even more alarming is that this figure is only going to increase in the coming years.
What’s causing this increase in fraud? A lot of it has to do with the way we’re using technology. More and more people are shopping online and using their cards for transactions. And as the popularity of cards grows, so does the risk of fraud.
What is even much worse is the fact that Britain is also emerging to be the leading country when it comes to scams overall, losing an astonishing £3 billion every year. This goes a long way to show that many scammers find it easy to scam people in Britain.
The report also notes that, despite measures being put in place by banks and card providers, fraud levels are still on the rise. In fact, card fraud has increased by 13% in just two years, with one in as many transactions now being affected.
What’s even more worrying is that these numbers only account for cases that are reported. It’s estimated that the real figure could be much higher, as a large number of people simply don’t bother to report stolen or fraudulent cards.
Some experts think this high rate of fraud is due to weak laws, pointing out that Britain’s laws could be a lot weaker than other countries, and this makes it easy for criminals to get away with fraud.
For example, in France, the law states that if you’re caught using a stolen card, you could face up to five years in prison. In Britain, the maximum sentence is just two years. And the fines are a lot lower, too.
How does Scam Help assist victims of fraud?
Scam Help assists clients from all over the world to submit disputes against fraudulent entities, and we have a proven track record of success.We coordinate with a vast network of partners and law enforcement agencies to track down the scammers and get our clients their money back. We have a team of experts who are dedicated to this cause and have years of experience in this field. Please note that the success rate for cryptocurrency related scams is not very high given the dynamics in this market, being at its early stages.
