New research from Travelex, the leading foreign exchange and international payments company, reveals that over half of men and women (60%) in the UK fear that they could become victims of credit card fraud while on foreign soil.
Additional research conducted by APACS, the UK payments association, has proved that this fear has a firm foundation. Industry losses from card fraud jumped by 25% to £535.2 million last year, driven by a hefty 77% rise in fraud committed on UK cards abroad.
The Travelex research also showed that of those who travelled abroad in the last 12 months, women are marginally more fearful of foreign card fraud, with 64% citing it as a cause for holiday concern. This figure was 56% for men. The research also shows that fear of fraud increases steadily the older one gets, with the 55+ age group most concerned about it (66%).
Business travellersare less concerned about fraud (48%) despite being twice as likely to have travelled abroad in the last month compared to leisure travellers (29% v's 10%).
In the face of this rising fraudulent tide, Travelex is urging travellers heading abroad to do more to protect the money in their bank account and in their credit facilities against card-skimmers and fraudsters by keeping their credit and debit cards in their wallets and instead pay for products and services with a prepaid currency card such as Cash Passport.
Stephen O'Donovan, Director, Travelex said: "We urge travellers to guarantee the safety of both their bank account and overdraft facilities abroad by using our incredibly secure Cash Passport instead. By agreeing a prepaid balance with no overdraft facility, there is no risk of fraudsters emptying personal accounts. Should the worst happen and a card is lost or stolen the balance can be replaced usually within 20 minutes through our global network, unlike cancelling credit or debit cards that can leave travellers stranded without cash until they return home. Consumers can also take two cards that access the same account and that way if one is lost the second can continue to be used securely."
Security benefits of the Cash Passport:
- Not linked to a bank account, so no chance fraudsters can access personaal or corporate funds
- No account or personal details on the card, reducing threat of fraudulent activity
- The card is PIN and signature protected
- There is no overdraft on the Cash Passport.
- Free Global Emergency Assistance if card is lost or stolen, which can include the replacement of the balance prior to loss/theft