Best Practice Credit Card Service by Companies is on the Rise

Posted on 13. May, 2009 in Credit cards

In recent years there has been an increase in credit card fraud and other forms of fraud, and as such media and the public at large are taking more of an interest in protecting their financial security and identity.

The increase in shredders, as an example, and other ways to carefully dispose of personal details is taking more seriously by consumers and companies at large. This is certainly a good thing in times where fraud is on the increase, year-on-year.

Shift in Marketing Focus by Credit Card companies?

Thinking Money believes that there will be a shift in marketing emphasis away from interest rates to a focus on other softer factors, including customer service and fraud prevention.

Technological innovation of credit cards and their management will also be a factor, Thinking Money believes, as we see an increase in

It appears that the UK credit card industry, following the shock to the system of the credit crunch, may well see a restructuring of the markets’ marketing emphasis, with customer service and innovation being at the centre.

The Irish credit card industry, like with most countries is also likely to see this change.

Credit Crunch and White Collar Credit Card Fraud on the Rise

Historically petty and serious crime levels have risen as a result of a recession, which is true of today’s crime figures too. This trend is also translating in to white collar crime too. Increasing credit card fraud levels may well be attributed to the suffering economy.

Growing levels of fraud and increasing media coverage to the topic is raising consumers’ interest in fraud prevention and insurance.

Fraud and Consumer Protection

Following dramatic increases in UK credit card fraud from 2007 to 2008 of 14% (as reported by APACS – the UK’s Payment Association), fraud / identity theft protection has never been more important.

This 14% increase equates to a further £170m in credit cards fraud.

Best practice credit card protection, Thinking Money believes, will be a factor that we see more on consumers’ agenda.

Best Practice Credit Card Fraud Prevention

Best practice credit card companies may start placing more emphasis on their other softer factors as part of their marketing efforts, and may create a USP for companies that become early adopters.

An example of best practice credit card fraud advice:

When you receive a new card, sign it straight away.
Never leave your card unattended in public places or “behind the bar”.
During a transaction, never let your card out of your sight. In a restaurant or bar, ask the staff to bring the Chip & PIN terminal to you or go with them, rather than letting them take your card.
Keep all credit card cheques in a safe place.
Do not discard receipts or correspondence that contains personal information or details of your financial affairs in general household waste. Small modestly priced domestic shredders are readily available and their use is recommended.
Destroy or shred any unused credit cards and cheques when new ones are received.
Information sourced from MBNA’s instant decision credit card website and some of Ireland’s best credit cards from MBNA, where more information can be found on their credit card fraud advice page.

Credit card companies: ‘Established in…’

Thinking Money states that as the recession continue to bite, we will see more financial businesses marketing their softer assets. These might include their business values, the strength of their balance sheet, and even things like a continued push on the year that they were established and those.

For more information on Credit Card Protection visit the APACS website.

What are your thoughts? Do you think credit card users are more likely to consider fraud protection or customer service as a factor when choosing their credit card?

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