London - New research from Travelex, the leading foreign exchange and international payments company, reveals that over half of men and women (60%) in the UK fear that they could become victims of credit card fraud while on foreign soil.

Additional research conducted by APACS, the UK payments association, has proved that this fear has a firm foundation. Industry losses from card fraud jumped by 25% to £535.2 million last year, driven by a hefty 77% rise in fraud committed on UK cards abroad.

The Travelex research also showed that of those who travelled abroad in the last 12 months, women are marginally more fearful of foreign card fraud, with 64% citing it as a cause for holiday concern. This figure was 56% for men. The research also shows that fear of fraud increases steadily the older one gets, with the 55+ age group most concerned about it (66%).

Business travellers¹ are less concerned about fraud (48%) despite being twice as likely to have travelled abroad in the last month compared to leisure travellers (29% v’s 10%).

In the face of this rising fraudulent tide, Travelex is urging travellers heading abroad to do more to protect the money in their bank account and in their credit facilities against card-skimmers and fraudsters by keeping their credit and debit cards in their wallets and instead pay for products and services with a prepaid currency card such as Cash Passport.

Stephen O’Donovan, Director, Travelex said: “We urge travellers to guarantee the safety of both their bank account and overdraft facilities abroad by using our incredibly secure Cash Passport instead. By agreeing a prepaid balance with no overdraft facility, there is no risk of fraudsters emptying personal accounts. Should the worst happen and a card is lost or stolen the balance can be replaced usually within 20 minutes through our global network, unlike cancelling credit or debit cards that can leave travellers stranded without cash until they return home. Consumers can also take two cards that access the same account and that way if one is lost the second can continue to be used securely.”

Security benefits of the Cash Passport:

• Not linked to a bank account, so no chance fraudsters can access personal or corporate funds
• No account or personal details on the card, reducing threat of fraudulent activity
• The card is PIN and signature protected
• There is no overdraft on the Cash Passport.
• Free Global Emergency Assistance if card is lost or stolen, which can include the replacement of the balance prior to loss/theft

For a full copy of this research or further information on the Travelex Cash Passport, please contact: Ana Ansell, Head of Marketing, Outsourcing, Travelex on 0208 415 4325 or by email ana.ansell@travelex.com

Notes to Editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2012 adults. Fieldwork was undertaken on 12th – 14th February 2008. The figures have been weighted and are representative of all GB adults (aged 18+).

Cash Passport – product overview:

Cash Passport is a prepaid card available in three currencies in the UK: EUR, GBP and USD. Other currencies are available relevant to local market and frequent destinations e.g. In Australia the AUD and NZD are available alongside the EUR, USD and GBP.

Travelex is the largest distributor of prepaid cards in the world. Its Cash Passport product is available from Thomas Cook, Co-op Travel, Sainsburys, Tescos, independent travel agents and directly from Travelex shops in over 700 branches worldwide.

Cash Passport is aimed at people who:

Want peace of mind over the safety of their holiday spending money:

• Cash Passport is secure and is not linked to a bank account.
• With free Global Emergency Assistance if the card is lost or stolen, which can include a replacement of the balance.
• The card is PIN and signature protected.

Are looking for a holiday money ‘savings plan’:

• Customers can add money to the card as a saving plan before they leave.
• There is no overdraft facility on the card.
• Euro and US Dollar rates are locked in when a card is loaded to avoid currency fluctuations

Are looking for a more convenient option than just travellers cheques or cash cards:

• The reloadable Cash Passport offers 24 hour access to cash via more than 1 million Visa ATMs without opening hour restrictions.
• There is no requirement for passports or other identification to obtain funds while abroad.
• Exchange rates are set at loading so customers don’t have to worry about currency fluctuations or unpredictable charges and they know exactly how much they have to spend.
• Free Global Emergency Assistance is available (includes emergency cash up to the balance of the card made available at any Western Union across the world within 20 minutes/24hours in remote destinations).

Unlike other prepaid currency cards, Travelex’s Cash Passport has no application fee. Simply load any value between £30 and £5,000 and you can access funds from over 1 million ATM’s (withdrawal fee of £2.50 per withdrawal) and via 18 million Visa Electron merchants worldwide.

Cash Passport is valid for three years with no restrictions on the number of reloads during that time including easy online payments.

Travelex:

Travelex is the world's foreign exchange and business payments specialist. Operating through subsidiaries and branches in four regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid travel card Cash Passport to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering..

For more information please visit: www.travelex.com | www.cashpassport.com