Use Cash Not Credit Cards To Combat Fraud

According to a spokesperson from the European Security Transport Association consumers in the UK should not be discouraged from using cash rather than credit cards.

This is because the UK has become a hotspot for credit and debit card fraud, and people living in the UK are twice as likely to become victims of card fraud than in other European destination.

According to the ESTA spokesperson, Mike Bowen, many financial institutions are discouraging cash transactions and instead encouraging consumers to make payments using non-cash methods.

Mr Bowen stated: 'Esta is calling for the retention of cash as a payment at a time when financial institutions across the continent are pushing for greater use of non-cash payments. Consumers should have the freedom to choose how they pay and should not be dictated to by banks and regulators looking to increase revenues from electronic transactions.'

He also added: 'It is incredible how many people across Britain have fallen victim to card fraudsters and unsurprising that so many victims favour a return to cash. Indeed, a separate study by the European Commission has found that almost a third of card fraud victims are never reimbursed for their loss by their card provider, despite claims to the contrary by banks. '

According to the research that was carried out by ESTA around 20% of adults in Great Britain have been victims of either credit card fraud or debit card fraud. As a result of this type of crime, around twenty five percent of British consumers said that they now preferred to use cash, but ESTA states that this is being made increasingly difficult by financial institutions and regulators in the UK.

Tom Smith
5th April 2007