Millions of card holders ‘vulnerable to fraudsters’

Millions of credit card users in the UK are taking no action to protect themselves against identity thieves and could be vulnerable to being defrauded as a result, new research has suggested.

Falling victim to a fraudster can often lead to serious debt management problems and around 16 million Brits are doing nothing to alleviate the threat, according to a new study from Capital One.

The credit card company is aiming to convince people across the UK of the severity of the threat of ID theft and to encourage them to take steps to prevent it from happening to them.

“By obtaining somebody’s personal details a fraudster can apply for credit cards, loans and other financial products in their name,” a statement from Capital One explains.

“The unpaid debts subsequently accrued are then lodged in the innocent person’s name.”

Meanwhile, the UK’s payment association Apacs is encouraging young Britons to avoid unmanageable credit card debt by gaining a better understanding of their financial options.