New research reveals a 20% increase in credit card fraud during the festive season. Financial experts warn consumers about the heightened risk of scams due to increased online shopping, gift card schemes, and rushed transactions.
New research from financial broker Ocean Finance indicates that credit card fraud increases by a staggering 20 per cent over the festive holiday period, leaving many consumers vulnerable to financial scams . The increase in fraud over Christmas and New Year is alarming but not surprising, says Ben Fleming, Ocean Finance’s financial crime analyst.
Gift card scams Ben said: "Fraudsters frequently target vulnerable people with scam gift card schemes. In these scams, criminals will impersonate a retailer or a family member to trick people into using their debit/credit cards to purchase gift cards, which they then steal the codes for.” Five ways to protect your Christmas credit card payments Use credit cards for larger purchases Ben explained: "While fraud can increase during the festive season, credit cards still offer a level of purchase protection that debit cards often don't. Under Section 75 of the Consumer Credit Act, purchases over £100 are protected, meaning your credit card provider is equally liable with the retailer if something goes wrong.
Monitor your statements Ben explained: “Keep an eye on your credit card statements during the festive season. Fraudsters often make small purchases at first to test whether they can get away with it. You can receive real-time notifications of any transactions on your account, making it easier to spot any unusual activity. If you see something you don’t recognise, contact your credit card provider immediately.
Latest Personal Finance News What to do if you are a victim of credit card fraud Despite your best efforts, there’s always a chance that fraud could happen. If you suspect that your credit card details have been compromised, it’s important to act quickly. People in Scotland who believe they have been the victim of fraud should report it to Police Scotland on 101.
Credit Card Fraud Christmas Holiday Shopping Online Security Financial Scams
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