ACI Worldwide, one of the leading providers of software and solutions for electronic payments, is working to reduce credit card fraud, which their surveys indicate is steadily rising. They urge financial institutions and customers to be aware and take preventive action. According to a recent survey of about 2,400 individuals in several countries, the U.K. has one of the highest fraud rates; approximately one in four British card holders have been the victim of card fraud in the past five years.
Of the people questioned in that survey, about half of the Brits said they were worried about losing money due to credit fraud, partly because they think fraud is getting worse and partly because they are feeling the economic crunch and certainly can’t afford more losses. ACI reports that there are about 170 million debit and credit cards in circulation in the U.K., and losses due to fraud amount to more than £1million per day. However, almost 10% of those surveyed admitted they kept their PIN’s with their cards, making it far too easy for thieves.