Credit card fraud spikes at 'alarming' rate in just 3 months – Banking Services Ombud

Credit card fraud is growing at an"alarming" rate, and pensioners appear to be the most vulnerable, the Ombudsman of Banking Services said.

According to statistics from the ombud, those aged between 61 and 70 account for 21% of fraud complaints. Those aged between 71 and 80 account for just over a quarter of complaints. Pensioners older than 81 account for 11% of complaints. According to Steyn, fraud can take place through bank rewards programmes, online purchasing, phishing - by accessing sensitive information from the credit cardholder through electronic communications like email – and vishing; a telephonic version of phishing.

Source: Financial Digest (financialdigest.net)

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