It is estimated that an average Briton will spend a staggering £157,530 during their life on their credit cards. This research has been conducted by life assistance company CPP and shows us that British consumers are increasing their expenditure on their credit cards. Taking these figures alone they project that overall, UK citizens en mass will accrue an incredible £5.25trillion.
Looking at the figures on this scale, surely proves the need to secure cards to the utmost level against fraudulent use, theft and take credit card crime extremely seriously indeed.
One option which has been suggested in an attempt to offer improved card security is the introduction of ‘identity authentication schemes’ in order to hinder criminals’ attempts to access owners’ credit card information/data.
With the increase in people paying for items by credit card, so too does credit card fraud threats rise, thus highlighting the importance for banks to perform identity authentication initiatives to help protect their loyal customers from these crooks. Furthermore, by increasing security, banks may save in the long run and not be out so much money in compensation to customers who are victims of fraudulent misuse of their cards.
CPP’s head of card protection reports that four out of every five credit card holders expressed concern over their card’s safety and potential card fraud.
With the figures already mentioned, it should come as no surprise to learn that over half of all credit cards within Europe are held in the UK- again an excellent case for the need to combat credit card fraud with very good authentication systems.
The very fact that our country has such high numbers of credit cards has not gone unnoticed by credit card fraudsters and some have gone out of their way to target the UK, so we must arm ourselves with the best protection available.
Leave a Reply