This is the era of IT, where everything is equipped with the advanced as well as the latest technology. The more innovation is brought to a product/ service, the more it is demanded by the customers. It makes an organization to increase the organizational profitability, goodwill and the customer’s count. Everything which brings the uniqueness to the existing concepts may also have the evils associated with it. So as is the case with the use of the payment cards in the UK. These payment cards tend to facilitate the customers for the completion of their transactions. At the same time, they can have the issues associated with them (Tej Paul Bhatla, 2010). These issues are if specifically faced by the banks of the UK, while providing the facility to the customers for the usage of the payment cards along with the completion of the transactions, they need to be tackled with due consideration (Paymentscardsandmobile, 2019).

            For the recent few years, the use of the payment cards, in order to facilitate the customers, is an emerging concept. There may exist varying problems that affect the use of the payment cards in the UK. These problems can include the security issues, lack of knowledge and technical issues etc. The security issues are all about related to the software being used for the completion of a transaction, for making the payments. Also, the cyber security issues and the problems related to the hacking of an account are a significant part of the security issues.

The lack of knowledge is about the knowledge that the users possess regarding making use of the payment cards. In UK, the banks, that can provide the proper training to the customers, for making use of the payment cards, may include Barclays, Santander, Lloyds Bank, HSBC and Metro bank etc. These banks can help the users, of the payment cards, to maintain certain standards that better help them to avoid the payment card frauds. It can include the protection related to the user name, password and other authentication methods that are used to identify an appropriate user (Accountants, 2018) and (Businessinsider, 2019).

The technical issues that can have the significant impact on the user’s experience of using the payment cards in UK may include as given: the transactions are incomplete or aborted due to the short circuiting or the power supply failure or the system failure. For making the payment card transactions successful and to strengthen the customer loyalty loop, the banks of the UK are required to take the due care for the associated problems (Auditors, 2017) and (Consumerprotect, 2019).

Problem Statement of To what extent does payment card fraud affect the UK users?

In this era of technology, everything needs to be equipped with the latest and the advanced technology. So as is the case with making the payments through the latest IT equipped banking channels. In UK, the frauds associated with the Payment cards tend to have a significant impact on the user’s experience. Also, it affects the bank’s good will and the profitability. The current research work is aimed at identifying the the extent for the payment card fraud that affect the UK users.

 Research Questions of To what extent does payment card fraud affect the UK users?

The current study is conducted with the intentions to answer the following research questions:

RQ-1: Do security issues have association with the Payment card frauds in the UK?

RQ-2: Does lack of knowledge have an association with the Payment card frauds in the UK?

RQ-3: Do technical issues have the association with the Payment card frauds in the UK?

Research Objectives

For the current research work the research objectives are as given:

1.      To investigate the association of the security issues with the Payment card frauds in the UK.

2.      To investigate the relationship of the lack of knowledge with the Payment card frauds in the UK.

3.      To enquire the association of technical issues with the Payment card frauds in UK.

4.      To investigate the overall impact of security issues, lack of knowledge and technical issues on the Payment card frauds in UK.

Significance of the study of To what extent does payment card fraud affect the UK users?

The present research work and its findings tend to contribute significantly to the existing literature. The model being used for the existing research work can better provide the basis to the future research work. It is all about the theoretical implications of the current research work. If we talk about the practical implications of this study then it can help the management of the UK banks to formulate the effective strategies for avoiding the payment card frauds. These strategies can help the management of the UK banks to improve the user’s experience for making use of the payment cards. It can be said that the current research work tends to provide both the theoretical as well as practical implications.

Summary of To what extent does payment card fraud affect the UK users?

The current chapter is all about providing the brief introduction of the study topic. Also, the statement of the problem, the research questions, the research objectives, the significance of the study and theoretical framework are the part of current chapter. Chapter 2 is related to the literature review. The chapter 3 is about the research methodology. Chapter 4 is about the results and the discussions for the tests being performed on the data set. Chapter 5 is related to the conclusion as well as the recommendations about the study.

Theoretical Framework of To what extent does payment card fraud affect the UK users?

SI= Security issues

LOK= Lack of knowledge

TI= Technical issues

PCF= Payment card frauds

References of what extent does payment card fraud affect the UK users?  

Accountants, C. I. o. M., 2018. Fraud risk management. ResearhGate, pp. 1-48.

Auditors, I., 2017. Managing the business risk of fraud. Science Direct, pp. 1-79.

Businessinsider, 2019. There's a good chance you're a victim of credit card scams and you don't even know it — here's what to do. [Online]
Available at: https://www.businessinsider.com/credit-card-fraud-scam-what-to-do-2018-8

Consumerprotect, 2019. 11 Common types of credit card frauds and scams. [Online]
Available at: https://www.consumerprotect.com/crime-fraud/11-types-of-credit-card-fraud-scams/

Paymentscardsandmobile, 2019. Fraud Report: losses on UK-issued cards totalled £671.4 million in 2018. [Online]
Available at: https://www.paymentscardsandmobile.com/uk-fraud-report-2019/

Tej Paul Bhatla, V. P. &. A. D., 2010. Understandign Credit Card Frauds. Science Direct, pp. 1-15.