According to UK Finance’s Annual Fraud Report 2025, £722 million was lost to unauthorised fraud in 2024, an increase of 2% from 2023. Of this, credit card fraud accounted for £572.6 million.
Types of Credit Card Fraud
- Lost or stolen cards which are used without your permission
- Skimming -where your card is cloned or copied to create a duplicate
- Fraudulent credit card applications made in your name for a credit card without you knowing
- Stolen card details – where your card details are stolen, usually online or through email scams
Top Tips to Stay Safe
- Make sure you look after your card and card details at all time – for example, keep your card in a safe place and when you type in your pin, shield it with your spare hand to avoid it being see
- Regularly check your bank balance and bank statements so that you can quickly identify any fraudulent transaction
- Store any personal and financial documents safely and when you dispose of them, destroy them, such as with a shredder
- Memorise your pin and avoid keeping a written copy of it anywhere
- Do not give your pin to anyone else
- Be wary of anyone standing too close to you at a cash machine or when you are making a payment
- Instal anti-virus software on your devices
- Don’t click on any unknown links or suspicious emails or pop-ups
- If you spot signs that a cash machine might be dodgy, don’t use it – signs include misaligned stickers and unusual bulkiness around the card slot or key pad. You can find out more about cash machine fraud by clicking here
- Use strong passwords for your online accounts and enable two-step verification
- Avoid accessing your personal or financial information on public Wi-Fi or computers
Getting Your Money Back
The Financial Ombudsman states that if a customer didn’t authorise a transaction that has come out of their account, then their bank or payment service provider must reimburse them, or prove that they acted intentionally or with gross negligence by not:
- Keeping the payment instrument safe (i.e, protecting the details of your card, PIN number or password)
- Adhering to the terms of its use
- Failing to report it being lost, stolen, or misappropriated
If you notice an unauthorised payment from your account, you should contact your bank as soon as possible and request a refund. The FCA advises you to ensure that you do this within 13 months from the payment date, or you may be unable to make a claim.
In the mood for more? Check out some of these blogs below…
Keeping Safe from Identity Theft
The Pros and Cons of Credit Cards
How to avoid being the victim of a scam