Credit Card Fraud Triples Across Europe

Credit Card Fraud targeted at European citizens has increased sharply in the recent past as the scammers take advantage of rising online purchases as well as data security challenges.

This sharp rise has been observed particularly during the period since the start of the pandemic as more and more Europeans, just like people across the rest of the world, turned to online shopping. The trend of sharply increasing online purchases is understandable since governments, as well as businesses, are encouraging everyone to consider purchasing stuff online as opposed to going physically to stores. Of course, we are in the age of online shopping so this is not a new thing, but the Pandemic has made it almost mandatory to shop online for most items.

Card-not-present (CDN) has been established to be the most common type of credit card fraud across Europe. Other types of card fraud or theft include card present, stolen cards, counterfeit cards, and ATM tampering among others.

This new development is a sharp contrast from a couple of years back when a country like  Denmark, for example,  was actually ranked as one of the safest and fraud-proof countries, boasting strong protection systems against cyber scammers. However, this is now charging, perhaps attributed to the fact that scammers are always out looking to conduct their crimes in countries where people are already feeling secure. 

Data from the European Central Bank serves to demonstrate that the ratio of fraud to total payments is highest in Denmark. This shows clearly that the former safety that Denmark enjoyed is now being challenged by cybercriminals who might be employing sophisticated systems. 

This increase in credit card fraud in Europe should not come as a surprise though. As you might already know, Europe is one of the top regions in the world where scammers hope to secure the ‘highest returns’.  Fortunately, though, Europe’s regulatory systems are constantly undergoing evolution, so it will only be a matter of time and the scammers will soon be shut off.

Scammers use all sorts of tricks to get information from a target, after which they use sophisticated technology to siphon money from their cards. And since most people may not always keep an eye on their credit card balances plus spending, it is easy to wake up one day and find out that a substantial sum of money was stolen from your card so many months back. This is why it is always advisable to keep checking your card’s statement from time to time to avoid being caught off guard by the gangsters. The earlier you discover the better. 

Are you based in Europe and have encountered credit card fraud in the recent past where you have lost funds? Scam Help is here to help. The experienced consultants here at Scam Help will give you all the resources you need to launch a successful hunt down for your money. You will be assisted to initiate a wire recall request, launch chargeback claims and start chasing down your lost funds.

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