Connect with us

Hi, what are you looking for?

Editor’s Pick

Cost of living blamed for jump in credit card fraud

<?xml encoding=”utf-8″ ??>

Credit card companies last year had to deal with more fraudulent applications than ever before as people tried to get hold of more money to cope with the soaring cost of living.

In particular, banks had reported a jump in “first-party fraud”, Experian said. The number of people lying in their applications to try to borrow more than they could afford or intended to pay back had more than doubled over the past two years, the credit-checking group said. That accounted for a quarter of fraudulent applications and Eduardo Castro, of Experian, said: “It suggests that households are misrepresenting their financial situation to meet additional costs, or even to cover everyday expenditure.”

Fraudsters trying to open accounts using other people’s names and details remained the most common form of credit card fraud, Experian said.

The number of fraudulent credit card applications rose by 18 per cent in the final three months of last year compared with the previous quarter.

Of the applications that credit card companies received in 2022, 0.65 per cent were deemed fraudulent, Experian’s data showed, the highest percentage for a decade.

“Our latest figures show the scale of the fraud epidemic facing consumers and financial services companies,” Castro said. “It’s an evolving battle, with fraudsters always looking at new ways to dupe victims. Lenders are deploying new technology to help to identify potentially fraudulent activity as early as possible, preventing it and minimising losses to them and their customers.”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Source: The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the US Commodity Futures Trading Commission (CFTC) on Monday for operating what...


REUTERS BRUSSELS — European Union (EU) countries’ energy ministers are set to give final approval on Tuesday to the bloc’s law to end sales...


NEWLYWEDS pose for a photographer in front of overflowing garbage bins in a street near the Eiffel Tower as garbage has not been collected...


A WOMAN walks on the ice to a measuring point on the Pers Glacier near the Alpine resort of Pontresina, Switzerland, July 21, 2022....


RAWFILM-UNSPLASH BERLIN  — Global investments in energy transition technologies must more than quadruple annually to stay in line with commitments made under the Paris...


FREEPIK THE UNPRECEDENTED fiscal firepower used to protect the vulnerable from the harsh socio-economic impact of the COVID-19 pandemic and the resulting economic contraction...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.