Lost Wallets Go Walking
By Cppgroup Plc cpp, PRNETuesday, August 17, 2010
YORK, England, August 18, 2010 - An estimated 5 million wallets (1) have been lost in the past five years
and a further 4 million (2) stolen costing Brits GBP765 million in lost cash
(3).
The new research commissioned by life assistance company CPP
(www.cpp.co.uk/) reveals that in addition to the average GBP85 cash,
Brits carry over GBP7,000 in credit in their wallets everyday.
Further to the research CPP conducted a nationwide live social experiment
(4) questioning Brits' honesty and found that only two in ten of
'accidentally dropped' wallets were returned to their rightful owners and
only half of those (55 per cent) contained the original sum of money.
However, three fifths of Brits claim they would either hand in, or try to
track down, an owner of a lost wallet.
Not only do the vast majority of Brits (77 per cent) never see their lost
or stolen wallets again, the average person will spend over 110 hours - or
four and a half days - replacing their personal mementos and credit and debit
cards.
The consequences of a lost wallet are serious. Beyond losing cash,
precious personal mementos and the time taken in replacing lost items,
careless Brits are exposing themselves to greater risks. Of those who lost
their wallet or purse or had it stolen, one in five claim to have fallen
victim to card fraud, while an unlucky one in twenty had their identities
stolen. Worryingly, only two in five considered the danger of card fraud or
identity theft when they lost their wallet or purse.
Of the cities investigated in the live experiment, Birmingham fared the
worse - one in four wallets were returned and all were completely empty. Next
came Glasgow, Cardiff and Leeds. Surprisingly London fared better with all
those wallets which were returned still containing the original sum of money.
The research reveals that Brits are far likelier to have their wallet or
purse returned if it's lost in a museum as around half (47 per cent)
'dropped' in a museum were handed in. Those 'lost' in shopping centres also
stand a better chance with a third being returned. Consumers dining out or on
buses and trains should be careful - none of the wallets placed in cafes or
on public transport were returned.
Card fraud expert from CPP, Sarah Blaney, said: "Losing your wallet or
having it stolen is a highly stressful experience and causes great
inconvenience and worry. With the vast majority of people carrying their
credit and debit cards, as well as vital personal information in their
wallets, millions of people are putting themselves at risk of fraud. Card
fraud remains a problem in the UK, and identity theft is on the rise, so we
urge all consumers to take extra care of their belongings to make sure
they're not hit with any unauthorised spending on their cards."
To protect consumers and offer peace of mind, CPP provides Card
Protection - a resolution system which insures cardholders and up to four
people in their household against the consequences of card fraud. The service
includes a 24 hour fraud resolution service, which notifies card providers,
order replacement cards, advances cash to replace lost money and tickets and
replaces missing keys.
Table for most honest UK cities
City Wallets Wallets with Money returned Honesty Returned Cash Returned Rank (GBP200 max per city) London 20% 20% GBP40 1 Leeds 25% 15% GBP30 2 Cardiff 20% 15% GBP30 3 Glasgow 20% 10% GBP20 4 Birmingham 25% 0% GBP0 5
Notes to editor
Research Methodology
ICM interviewed a random sample of 2029 adults aged 18+ online between
29th July - 1st August 2010. Surveys were conducted across the country and
the results have been weighted to the profile of all adults. ICM is a member
of the British Polling Council and abides by its rules. Further information
at www.icmresearch.co.uk
(1) The UK adult population according to ONS is 49,051,000. 10% of people
claim they have lost their wallet in the last five years. 10% of 49,051,000 =
4,905,100
(2) 8% of people claim they have had their wallet stolen in the past five
years. 8% of 49,051,000 = 3,924,080.
(3) 9 million wallets have been lost or stolen in the past five years.
The average lost or stolen wallet contains GBP85. GBP85 x 9,000,000 =
GBP765,000,000.
(4) Wallet Dropping Experiment completed by PCP Research - Methodology
Notes
The procedure for this research involved wallets and purses being dropped
at various locations in five UK cities. 20 wallets/purses were dropped per
city, meaning a total of 100 were dropped in total. The 'drops' took place at
six different types of location; shopping centre, street, public transport,
car park, museum and cafe.
Each wallet or purse contained the following; GBP10 in cash (either two
GBP5 notes or one GBP5 note and GBP5 in change), a photograph, tickets,
receipts and stamps to add authenticity, and several business cards. Each
business card bore a phone number which linked to the research team. When
members of the public found the wallet/purse and rang the number, a member of
the research team would take the call. During the call they took information
about where the wallet/purse had been found, and whether the possessions and
money were still intact, and asked for the caller to return the wallet. All
members of the public who returned wallets were offered remuneration for
their postage costs.
The wallets/purses were dropped by trained market research fieldworkers,
who took care to ensure that they successfully made the drops without being
seen by any members of the public. We wanted to avoid any situations where a
member of the public saw us drop the wallet/purse and handed it straight back
to us, as we wanted to allow time for someone to find it and make the
decision of what to do with it.
The research was conducted between 29th June 2010 and 14th July 2010
The CPPGroup Plc
The CPPGroup Plc (CPP) is an international marketing services business
offering bespoke customer management solutions to multi-sector business
partners designed to enhance their customer revenue, engagement and loyalty,
whilst at the same time reducing cost to deliver improved profitability.
This is underpinned by the delivery of a portfolio of complementary Life
Assistance products, designed to help our mutual customers cope with the
anxieties associated with the challenges and opportunities of everyday life.
Whether our customers have lost their wallets, been a victim of identity
fraud or looking for lifestyle perks, CPP can help remove the hassle from
their lives leaving them free to enjoy life. Globally, our Life Assistance
products and services are designed to simplify the complexities of everyday
living whether these affect personal finances, home, travel, personal data or
future plans. When it really matters, Life Assistance enables people to live
life and worry less.
Established in 1980, CPP has 10 million customers and more than 200
business partners across Europe, North America and Asia and employs 1,900
employees who handle millions of sales and service conversations each year.
In 2009, Group revenue was GBP292.1 million, an increase of more than 12
per cent over the previous year.
In March 2010, CPP debuted on the London Stock Exchange (LSE).
What We Do:
CPP provides a range of assistance products and services that allow our
business partners to forge closer relationships with their customers.
We have a solution for many eventualities, including:
- Insuring our customers' mobile phones against loss, theft and damage - Protecting the payment cards in our customers' wallets and purses, should these be lost or stolen - Providing assistance and protection if a customer's keys are lost or stolen - Providing advice, insurance and assistance to protect customers against the insidious crime of identity fraud - Assisting customers with their travel needs be it an emergency (for example lost passport), or basic translation service - Monitoring the credit status of our customers - Provision of packaged services to business partners' customers CPP is an award winning organisation: - Finalist in the National Insurance Fraud Awards, Counter Fraud Initiative of the Year category, 2009 - Finalist in the European Contact Centre Awards, Large Team and Advisor of the Year categories, 2009 - Named in the Sunday Times 2008 PricewaterhouseCoopers Profit Track 100 - Finalists in the National Business Awards, 3i Growth Strategy category, 2008 - Finalist in the National Business Awards, Business of the Year category, 2007, 2009 and Highly Commended in 2008 - Named in the Sunday Times 2006, 2007, 2008 and 2009 HSBC Top Track 250 companies - Regional winner of the National Training Awards, 2007 - Winner of the BITC Health, Work and Well-Being Award, 2007 - Highly Commended in the UK National Customer Service Awards, 2006 - Winner of the Tamworth Community Involvement Award, 2006. Finalist in 2008 - Highly Commended in The Press Best Link Between Business and Education, 2005 and 2006. Winner in 2007 - Finalist in the National Business Awards, Innovation category, 2005
For more information on CPP click on www.cpp.co.uk
For more information or to arrange a time for interview with CPP's card fraud expert, Sarah Blaney, please call Band & Brown Communications: Eoghan Hughes - +44(0)20-7419-6976 / +44(0)7852-881-983, Sarah Davidson - +44(0)20-7419-7346 / +44(0)7731462451
Tags: August 18, Cppgroup Plc (cpp), England, United Kingdom, York