Many are left without the money in their bank accounts due to fraud involving credit cards, especially those living in these 11 worst countries for credit card fraud.
Of course, this is a wide-ranging term that includes theft and fraud committed using or involving a payment card. This involves both credit and debit cards, which are used for various purposes, including purchasing goods without paying or withdrawing funds without proper authorization. There are countless ways this happens, but the worst cases are those that relate to identity theft, which, unfortunately, happens entirely too often.
It is expected that between 2015 and 2020 credit card fraud will reach $183.29 billion at a worldwide level, according to the Nilson Report. In 2014, the number stood at $16.31 billion, while for 2020 predictions indicate global credit card fraud will hike up to over $35 billion.
Problems regarding this issue occur in all countries of the world where credit and debit cards are used, but they seem to occur more frequently in a few certain nations. It could be interesting to see whether these nations also appear on the list of the 11 worst countries for binge drinking in the world. For our list, we took a look at a survey conducted by Aite Group and ACI Worldwide, who questioned over 6,000 people in 20 countries back in 2014.
The high level of card fraud has made many question the security of this method, with 10 percent admitting to experiencing fraud multiple times in the past five years. At the same time, 63 percent of people have admitted to being more likely to use their replacement card less due to the distrust they have in the card system.
The results indicate that people aren’t all too happy in these 11 worst countries for credit card fraud.