Credit Card Fraud Multiplying as UK Feels Crunch of the Recession
Debt and bankruptcy problems seem to be at the forefront of almost every economic discussion in the UK these days. While these issues are some of the most obvious and upsetting, the recession is forcing a few other reactions and areas of concern to increase as well. In fact, many experts are noting that the recession and economic struggle is contributing to a startling increase in card fraud. The economic climate is forcing people to take measures they mat not have before, and also causing some consumers to be far less cautious.
Sarah Blaney is a card fraud specialist working for insurance company CPP and feels that the recession is almost solely to blame for a startling rise in fraud. The lack of funding for businesses and consumers has changed how business is done, and the offence seems to be rising on a constant basis. If this kind of increase continues to be the norm, then insurance and credit card companies may be unable to protect their UK consumers as much as they have been in recent years.
Anyone worried about card fraud, bankruptcy, or even debt concerns needs to protect themselves accordingly and especially be a lot safer when shopping online. Studies show that close to one third of card fraud comes via the internet, yet more and more UK consumers are stating that they feel incredibly comfortable shopping online. Keep in mind that fraud isn’t all about scams, chain letters, or pyramid scams, but can also come in the form of stolen information, fake goods, or even non-existent services.
Blaney stated that avoiding suspicious or even amateur looking websites can cut down on a lot of the risk. She warns that many sites that are charged with fraudulent behaviour possess basic spelling and grammatical errors, and a lack of customer service that you wouldn’t find on a genuine retailer’s site. Look for basic mistakes and other signs of a lack of professionalism, and stay clear from those type of web sites.
These statistics and warnings come after CPP did research and found that more than a quarter of UK citizens have had issues in terms of credit card fraud or been a victim of fraudulent crimes when making purchases on and off line.
There are quite a few UK citizens that are still dealing with bankruptcy and debt based on credit card fraud and stolen identity. With the economy the way it is and everyone feeling the crunch of the recession, fraud is the last thing on many people’s minds but the CPP says that it should be on of the first.
It is important for people to take more precautions in this time and ensure they do whatever they can to work out of debt, implement debt management programs, and protect themselves from issues such as credit card fraud. Being careful, taking precautions, and planning carefully can go a long way in helping people work their way out of economic struggle and help the UK climb back from the recession.
