Published on:
01 September 2021
Credit cards are a useful tool in your wallet, but according to Which?, credit card fraud accounts for 39% of identity fraud cases in the UK. Make sure you’re not one of them by finding out exactly what credit card fraud is and how to prevent it.
Credit card fraud is any kind of theft or fraud that involves a credit card. The aim of credit card fraud is to purchase goods without paying, or to steal money from someone else’s credit account.
You can break down the various types of credit card fraud into four main areas:
If you’ve been the victim of credit card fraud, you normally won’t be liable for unauthorised payments on the card during the fraud. This is because you’re covered under the Consumer Credit Act 1974.
The Act means you can claim back the money you lost due to fraud.
There are two circumstances that would mean you would not get all the money back though.
Here are some examples of when your bank might say you were negligent and wouldn’t reimburse your money:
Detecting credit card fraud will take you a few minutes every few days. It might feel like a hassle, but not noticing someone is using your credit card details could land you with a hefty bill.
After these three steps, you’ll need to see if there are any other signs of fraud.
This means going through your bank and credit card statements for the last few months, as well as getting a copy of your credit file. This will help you to see if anyone has used your identity to apply for credit cards or loans without you knowing.
You should report any fraud on your credit card by:
There are lots of things you can do to help you lower the likelihood of becoming a risk of credit card fraud.