If you frequently use your credit card or debit card when you’re abroad, or when you’re shopping online, think again.

A new report shows that there has been a continued strong global transaction growth in both debit and credit card transactions. The continuous move away from cash to electronic mode of payment is creating significant opportunities for payment processors like First Data, Global Payments and networks like MasterCard and American Express.

However, this has lead to huge consequences for consumers. Research from the Association for Payment Clearing Services (APACS) published today, says credit card fraud has reached a record £535million, as international gangs use stolen UK credit card details abroad.

The research also shows that there was a sharp rise in incidents of so-called card-not-present fraud, when people’s card details are used to buy goods online, by phone or via mail order.

But losses from online banking fraud have dropped by a third on last year, down to £22.6million partly as a result of greater public awareness of “phishing” scams, said APACS.

Since the introduction of chip and pin in the UK in 2004, domestic scams have fallen, however in countries where it has not yet been introduced, cons have risen by 77% in a year.

“It mainly happens in places like bars, restaurants and petrol stations, where the chance of a credit card going out of sight is higher,” said Sandra Quinn from APACS.

If you want a more secure way to pay for your shopping, banks and card issuers have been trying to encourage shoppers and retailers to sign up to secure online payment systems such as Verified by Visa and MasterCard SecureCode.