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03 December 2016Last updated
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Features | Reportage

Losses from hacked, fake cards reach Dh80 trillion in one year

Losses expected to balloon to $31.67 billion in 2020

Cleofe Maceda
31 Oct 2016 | 02:21 pm
  • Source:Supplied

If you’re sometimes scared that someone will make an unauthorised purchase with your credit card, you may have reasons to be so. According to the latest research, card fraud cases are on the rise, reaching Dh80 trillion ($21.84 billion) in just one year.

The figure is the amount of money lost in fraudulent transactions across the globe, including the UAE and the rest of the Middle East in 2015 alone, up 20.6 per cent over 2014. This means that for every $100 worth of card transaction, about 6.97 cents go to the pockets of hackers, imposters and other thieves.

More details here: www.gulfnews.com/business/money/losses-from-hacked-fake-cards-reach-dh80-trillion-in-one-year-1.1921450

Cleofe Maceda

Cleofe Maceda

Senior Web Reporter