Young Female Consumers Higher Risk Credit Card Fraud

Christmas Online Consumer Retail

Apparently UK women face higher risks of credit card fraud than men, while shopping online. Research from the National Fraud Authority (NFA) revealed that only 8% of 26-to-35-year-old female consumers have up-to-date anti-virus software installed on their computers.

Over the past few years, e-commerce has grown dramatically and more than 35m UK citizens have made a transaction online in the past year. A recent prediction from IRMG suggests that £7.75bn will be spent online in just over a month, from Cyber Monday to New Year’s Eve. Credit card fraud rates have dropped significantly, mostly because of bank initiatives and better knowledge on protection from cardholders.

Last year, credit card fraud brought total losses of over £365m, which marked a 40% drop from £609m in 2008. However, in an attempt to bring fraud rates further down, the UK Cards Association has issued a series of guidelines, targeted at young women mostly.

Consumers are advised to install an up-to-date anti-virus computer program, which is set to the highest possible level of protection. Shopping websites, without a padlock symbol next to the URL should be avoided and the credit card should be registered Verified by Visa, MasterCard SecureCode, or American Express SafeKey. After making a purchase, consumers should log out of their account and keep the confirmation e-mail as evidence of their order.