Thinking Money Announces Best Practice Credit Card Service on the Rise

In recent years there has been an increase in credit card fraud and other forms of fraud. Thinking Money believes that there will be a shift in marketing emphasis away from interest rates to a focus on other softer factors, including customer service and fraud prevention. End Quote

(1888PressRelease) May 14, 2009 - Credit card fraud and other forms of financial fraud is on the rise.

Thinking Money believes that there will be a shift in marketing emphasis away from interest rates, to a focus on other 'softer' factors, possibly including customer service and fraud prevention.

Technological innovation of credit cards and their management will also be a factor, as we see an increase in investment in this area.

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 protection, Thinking Money believes, will be a factor that we see more on consumers’ agenda.

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.

Information sourced from MBNA Credit Cards (http://www.mbna.co.uk) and Ireland’s MBNA Credit Card (http://www.mbna.ie) websites, where more information can be found on their credit card fraud advice page.

Established in…

Thinking Money states that as the recession continue to bite, we will see more financial businesses marketing their softer assets. These might include their business values, the strength of their balance sheet, and even things like a continued push on the year that they were established and those.

For more information on Credit Card Protection visit the Thinking Money or APAC website.

References and further reading:

http://www.thinkingmoney.org
http://www.mbna.co.uk/fraud-protect.html
http://www.apacs.org.uk/09_03_19.htm
http://www.telegraph.co.uk/news/newstopics/politics/lawandorder/5207598/ Violent-robberies-burglaries-and-thefts-all-up-in-recession-crime-wave.html

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