moneysupermarket.com

The World's Biggest Credit Card Scams

Credit card fraud is big business - in 2008 UK credit card fraud peaked at nearly £610million. Since then, it has fallen year on year due to advances in fraud prevention such as Chip and PIN becoming the UK standard and initiatives such as Verified by Visa and MasterCard SecureCode.

Despite these advances and consumers becoming more savvy with their security details, 2011 still saw UK banks and lenders write off £341million in fraudulent debt. Fraudsters should not be under-estimated - in some cases they are highly skilled in technology and engineering which enables them to react to advances in fraud prevention, and constantly come up with new ways in which to defraud consumers.

In this infographic we take a look at some of the world's biggest credit card scams, the methods employed by these criminals and some precautions you can take to protect your identity and your finances.

Card-not-present fraud is the easiest for criminals to commit as they don't require the card or the PIN, and this accounted for approximately 65% of all UK card fraud in 2011.

Although card fraud is fairly widespread, should you fall victim, the good news is your bank should refund you so you won't be left out of pocket.

The World's Biggest Credit Card Scams

Embed this Infographic on your site: