Cash is still the king amongst British people
August 28, 2008
An increasing number of Britons prefers to use cash over cards when they are traveling abroad. This is owing to the fear of falling victim to fraudsters. According to a survey, lead by insurance services company CPP, almost 60 per cent of people prefer to take cash on holidays when they go abroad. More people are worried about deceptive fraudulent activity when they travel. Roughly 80 per cent of people are concerned about how vulnerable they are when they are paying for goods or using cash machines. However CPP said the fear is exaggerated as Apacs data prove the fact that actual fraud abroad accounts for only 39 per cent of UK card theft and fraud.
CPP offers insurance on sundries, including wallets, payment cards and mobile phones to third parties, which they can market to their customers while they are traveling abroad. CPP confirmed that it received 7,000 cases of stolen credit and debit cards between the period of June 2007 and July 2008. More than a quarter of these cases happened in Spain, which was more than double the amount that happened in France that had the next highest volume of reports.
CPP said only a quarter of travelers surveyed took the time to notify their bank that they will be away. Similarly, only a quarter checked receipts against card statements. CPP is also confident that awareness about card fraud abroad is growing. However, it is concerned that consumers are not taking the basic security steps.
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