Ireland is the most vulnerable European country to credit card fraud, according to a new study.
This is according to research by Merchant Machine which indicates that Ireland is the country with the highest credit card fraud risk index across Europe. Out of every 1,000 inhabitants, 88 become a victim of this crime.
The report indeed shows that almost 25% percent (over one in four) transactions made here involve cross-border trade–which means there’s plenty more risk involved when accepting cards as payment
This is a worrying statistic, as credit card fraud can have serious consequences for the victim. Not only can they lose money, but their credit rating can also be impacted.
The UK does not fall so far behind Ireland, and of course its residents are no strangers to credit card fraud, with €10 414 of lost funds being reported per 1k people. This puts the UK in second place on the list of most credit card vulnerable countries in Europe.
So, what are the main causes of these fraudulent credit card activities in Europe? First, Europe has a large number of tourist destinations, which makes it a prime target for thieves who want to use stolen credit cards to make fraudulent purchases. Second, many European countries have less stringent laws governing the use of credit cards, which makes it easier for criminals to obtain and use stolen cards. Finally, the prevalence of online shopping in Europe makes it easier for thieves to commit fraud without being detected.
As for Ireland, most Irish banks do not require chip-and-pin authentication for credit card transactions, making it easier for criminals to use stolen cards. In addition, Ireland has a higher than average rate of online shopping, which gives criminals more opportunities to commit fraud. Finally, many Irish companies do not have robust systems in place to detect and prevent fraud.
Here is the full list of the top 10 countries most vulnerable to credit card fraud across Europe:
- Ireland
- United Kingdom
- France
- Luxembourg
- Malta
- Denmark
- Hungary
- Sweden
- Spain
- Estonia
What this means is that if you’re traveling in any of these countries and you use your credit or debit card, you’re at a higher risk of having your information stolen.
Use the following tips to stay safe when using credit card online
- Only use credit cards on reputable sites.
- Keep your credit card information updated and accurate.
- Don’t share your credit card details with anyone.
- Use a credit card monitoring service to keep an eye on your account activity.
- Make sure the site is secure before entering your credit card information. Look for the https:// in the web address, and make sure there’s a padlock icon in the browser window.
Credit card fraud is a serious issue, and it can be difficult to protect yourself from every possible scam. But by following these tips, you can reduce your risk of becoming a victim.
Please contact Scam Help if you have been a victim of credit card fraud in Europe and would like to pursue chances of being able to recover your funds back.
You can access the Merchant Machine report here
