Many of the best credit cards are becoming those that provide greater customer service, fraud prevention and plain-English terms and conditions.
It appears that the UK credit card industry, following the shock to the system of the credit crunch, may well see a restructuring of the markets’ marketing emphasis, with customer service and innovation being at the centre.
Credit Crunch and White Collar Credit Card Fraud on the Rise.
Historically petty and serious crime levels have risen as a result of a recession, which is true of today’s crime figures too. This trend is also translating in to white collar crime too. Increasing credit card fraud levels may well be attributed to the suffering economy. Growing levels of fraud and increasing media coverage to the topic is raising consumers’ interest in fraud prevention and insurance.
Fraud and Consumer Protection
Following dramatic increases in UK credit card fraud from 2007 to 2008 of 14% (as reported by APACS – the UK’s Payment Association), fraud / identity theft protection has never been more important. This 14% increase equates to a further £170m in credit cards fraud.
Best Practice Credit Card Fraud Prevention
Best practice credit card management relies on more than special credit card deals, and a comprehensive, clearly communicated credit card fraud advice can be USP for credit card companies.
An example of best practice credit card fraud advice:
- When you receive a new card, sign it straight away.
- Never leave your card unattended in public places or “behind the bar”.
- During a transaction, never let your card out of your sight. In a restaurant or bar, ask the staff to bring the Chip & PIN terminal to you or go with them, rather than letting them take your card.
- Keep all credit card cheques in a safe place.
- Do not discard receipts or correspondence that contains personal information or details of your financial affairs in general household waste. Small modestly priced domestic shredders are readily available and their use is recommended.
- Destroy or shred any unused credit cards and cheques when new ones are received.
