Figures show fall in credit card fraud

Recent figures have shown that the level of credit card fraud seen in the UK during the first half of this year fell. In fact, according to recently released figures the level of fraud fell to its lowest level in ten years. Officials believe that a number of factors have contributed to the drop in credit card fraud levels.

During the first six months of this year the value of losses caused by credit card fraud came to around £186.8 million. Compared to the first six months of last year this reflected an impressive drop of 20 percent. According to the UK Cards Association the drop in credit card fraud is down to a number of security initiatives.

Amongst the security initiatives that were highlighted by the UK Cards Association as being partly responsible for the drop in credit card fraud was the increased rollout of updated chip cards across the UK as well as raising awareness amongst retailers over how they could increase protection against fraud on their chip and pin machines.

Cardholders and retailers are also said to be signing up more for security measures such as Verified by Visa and MasterCard SecureCode, which helps to protect cardholders from fraudulent activity.

Further good news was that the level of online fraud had fallen, with more people now aware of things such as phishing scams and protecting accounts more effectively in terms of passwords. Online banking fraud losses are said to have enjoyed an impressive 36 percent fall in the first six months of this year compared to the first six months of last year.

Melanie Johnson, Chair of The UK Cards Association, said: “These figures are testament to the importance that the UK’s card companies place on driving down card fraud losses and reducing any inconvenience to customers.”

Tags: fraud, Visa, Association, UK Cards Association, Credit Cards, banking fraud, security measures, credit card fraud

Rise in bank card fraud recorded

Britain’s fraud prevention agency, Cifas, has reported an increase in card fraud in the first three months of this year, with many cardholders finding themselves at the receiving end of identity theft. The agency claimed that it recorded around 27,000 victims of this type of fraud during the first quarter of the year, reflecting an increase of 6000 or 23 percent.

There has also been a 45 percent increase in the number of cases where the fraud has been highlighted when it too late and the fraudsters have already got away with the cash. Fraudsters are said to be using a range of tools and methods of getting hold of details of customers, including social networking sites such as Facebook in cases where consumers are careless with their personal information.

Consumer campaign group Which? said that many people were increasing the risk of becoming victims of card fraud by writing down their PIN because they cannot remember it. Some people have even given their PIN to other people that they feel they can trust, but this can also increase the risk of falling victim to this type of fraud.

In a poll nearly 10 percent of people that admitted to writing down their PIN said that they had a copy of it written down at their workplace. The campaign group said that if cardholders were found to have been careless with their PIN or personal details then there was no guarantee that they would be reimbursed if they fell victim to card fraud.

An official from Which? said: ‘The results show that too many consumers are putting their finances in jeopardy by not taking simple precautions. Writing down your Pin is like leaving your door open when you leave the house.’

Tags: credit card fraud, which, identity theft, Cifas, fraud

Christmas shoppers may be too nervous to get bargains online

A recent report has highlighted how, whilst many of the best bargains for Christmas may be available via the Internet, many consumers may be too nervous to take advantage of these offers because they are too nervous to use their credit cards online for fear of becoming a victim of credit card fraud. Read more

Tags: Christmas shoppers, internet shopping, shopping online, vetting, online credit card fraud

Card fraud goes down whilst banking fraud increases

Recently released figures have shown that whilst credit card fraud in the UK has been going down, which will come as a relief to the many cardholders that have been fearful about becoming victims of this sort of crime, the level of online banking fraud has been increasing. Read more

Tags: losses, pin technology, business, Credit card, level, banking fraud, credit card fraud

Cardholders should close old accounts

According to a recent report consumers in the UK need to take more care to close their old credit card accounts when they have disused cards that they no longer use. Read more

Tags: Credit Cards, credit card fraud, Cardholders, dormant cards, MasterCard, consumer

Guide developed to help cardholders use cards effectively abroad

A new guide has been developed to help consumers learn more about using their credit cards abroad more effectively and sensibly. Read more

Tags: apacs, Credit Cards, year, credit cards abroad, new guide, credit card fraud, fraud, The new guide

Consumers should exercise common sense when using credit cards abroad

An industry expert has said that with the summer holidays coming up, and many Brits planning to head abroad and use their credit cards, consumers need to ensure that they use their common sense when it comes to using their credit cards whilst abroad. Read more

Tags: credit cards abroad, credit card fraud abroad, credit card fraud, UK Cards Association, Credit Cards

Online Banking fraud levels on the up

These days more and more people are using online banking facilities in order to carry out their banking transactions, and with an increasing number of banks offering these facilities online banking has become very popular amongst those with busy lifestyles and lots of commitments. Read more

Tags: credit card fraud, APACS officials, apacs, Credit card, keylogging, fraudster, bank fraud, online

Card fraud rife despite Chip and Pin

A few years ago the nation was introduced to Chip and Pin technology which was a new type of technology that had been designed to increase security for plastic card users and to cut down on the rising level of card fraud that was being seen across the country. Read more

Tags: place, internet, credit card fraud, country uses chip, something, chip and pin, fraud

Avoid being the victim of credit card fraud

When it comes to credit cards consumers can look forward to a wide range of benefits, ranging from interest free credit and total convenience to flexible repayments and even a choice of rewards with some cards. However, there are also pitfalls to watch out for with credit cards, and one major concern for many people is the risk of credit card fraud. Although security relating to credit card use has become more sophisticated over recent years, the various credit card scams in operation in the UK have also become increasingly advanced, and as a result many people find themselves the victims of credit card fraud. Read more

Tags: signature strip, email link, financial losses, free credit, credit card fraud, end, personal finance, credit card statements

Apacs: Never reveal Pin

Apacs, the UK payments association, has emphasised the importance of credit card security and advised consumers to keep their Pin private.

A spokesperson for the association said people should make their Pins as complex as possible to avoid would-be fraudsters getting their hands on their cash.

However, she added that this can lead to confusion, adding that people can avoid this by selecting a familiar pattern.

“It is better not to use the same Pin number and, if you can, familiarise a sequence of codes; a number of a house that you know in combination with a good friend’s birthday.”

Finally, she emphasised the importance of never disclosing information regarding Pins or writing them down and storing them with the cards in question.

Recent research by Which? highlighted that one in three Brits have been a victim of credit card fraud in the past.

A previous CPP poll found that Londoners were the most likely to have their plastic stolen or fraudulently used, with 20 per cent and 28 per cent of the capital’s residents being a victim of such crimes respectively.

Tags: pins, credit card security, pin number, credit card fraud, Association, uk, capital, combination

Check your credit profile to stamp out fraud, urges expert

With a recent report finding that account fraud is on the up, a financial expert has urged consumers to regularly check their credit profiles to help stamp out the crime.

David Kuo, head of personal finance at Fool.co.uk, said that current financial conditions are pushing people to extreme lengths to get hold of credit, but that consumers can protect themselves by checking their credit profiles to make sure that fraudulent activity is not taking place.

According to research by the UK’s fraud prevention service CIFAS, the number of instances of facility takeover, or account takeover, increased by 146 per cent in the first three months of 2008 when compared with the same period last year.

“If you are a consumer and you haven’t recently checked your credit reference, go and have a look at it just to make sure there is not anyone out there making fraudulent applications on your behalf,” Mr Kuo advised.

Tags: credit card fraud, law, Instances, report, Cifas, service

Holiday dangers for credit card users

Holidaymakers are at a growing risk of credit card fraud when they are out of the UK, new research has warned.

Data published by Apacs this week shows that using credit cards in countries with less secure identity verification than the UK – particularly those which have not adopted Chip and PIN technology – puts consumers at greater risk of fraud.

“The Apacs figures show a staggering £90.5million rise in fraud abroad with UK cards being targeted in countries where Chip and PIN hasn’t yet been adopted”, said Neil Munroe, external affairs director at Equifax.

Cloning is a particular risk, Equifax claims, advising travellers to take as few cards away on holiday with them as possible, and never to let someone process a card payment out of their sight.

“ID and credit card fraud is a very real threat for consumers, making it essential that they take sensible precautions to protect themselves. Armed with the right knowledge, consumers can help minimise the risk of fraud and take fast action if they do become victims,” Mr Munroe added.

Tags: card, Travellers, chip and pin, credit card fraud, Credit card, GBP

Handbags a goldmine for fraudsters

British women may be more susceptible to credit card fraud because they carry too much information in their handbags.

That is according to credit reference agency Equifax which says that handbags are a potential goldmine for thieves.

As well as holding all of a person’s debit and credit cards, the average handbag often also contains payslips, cheque books and National Insurance numbers.

The firm has found that 22 per cent of British women hold their National Insurance number in their handbag, while 32 per cent also keep old receipts.

“Information is our greatest asset these days,” said Neil Munroe of Equifax.

“And, according to our survey, women are carrying around enough information for a fraudster to apply for loans, mortgages, credit cards and bank accounts in their name.

“As our survey revealed anything from payslips, driving licences and mobile phones can be found in a handbag and this is all it takes to commit ID fraud,” he added.

In addition to potential fraud, many women leave themselves open to other crimes, with four in five admitting to carrying their house keys alongside proof of address in their bags.

Tags: potential goldmine, credit card fraud, national insurance number, business, reference

Chip and pin – one year on

It was more than a year ago that the UK was first introduced to the payment system of chip and pin.

February 14th 2006 was officially named Pin Day and consumers were told to brace themselves for one of the biggest changes ever seen to the way in which we paid for goods.

Of course it all went off without a hitch, despite scare mongering in some quarters that we would all suffer mental breakdowns as a result of having to remember our pin numbers.

To mark the anniversary of chip and pin, the UK payments association Apacs has released figures regarding the system and its implementation.

Apacs says that more than 185 chip and pin transactions take place every second, 138 million chip and pin cards have been issued and 98 per cent of all shop tills in the UK are chip and pin-friendly.

The association also points to credit card fraud figures, which fell in 2005 and are expected to do the same in 2006, while retailers have reported that transaction times have fallen after an initial bedding-in period.

“The rollout of chip and pin has been a tremendous success,” said Sandra Quinn from Apacs.

“Chip and pin cards now account for 97 per cent of all payment cards in circulation in the UK. As a result, it is now safer than ever to use your card when shopping, and far more difficult for fraudsters to get access to your money.”

Despite the positive figures, chip and pin technology was recently hacked into by researchers at Cambridge University as part of a project designed to test the system’s robustness.

Tags: result, part, rollout, pin numbers.To, hitch

ID theft warnings ignored

Too many Britons are still bypassing advice on how to protect themselves against identity theft, credit reference agency Callcredit has warned.

A third of Britons continue to throw away documents such as bank statements and receipts, which contain vital personal information, without shredding them first, a study from the Information Commissioner’s Office found this week.

Meanwhile, as many as a quarter of people would be oblivious if they were targeted by identity fraudsters – since they do not check their bank statements.

Customers should work these small but important habits into their financial routine, stressed Callcredit’s director of industry relations Melanie Mitchley: “Personal data is the lifeblood of identity thieves and they are gorging themselves on people’s complacency.”

“Remembering to destroy personal documents such as bills and statements before throwing them away would go a long way to starving ID fraudsters of opportunities,” she added.

Amid growing concerns about hi-tech online identity fraud, it’s important to keep your PC or laptop updated with anti-virus and firewall software to exclude hackers.

According to the UK fraud protection service, CIFAS, the number of victims of identity impersonation rose 19.91 per cent last year compared to 2005 levels.

Tags: Personal computer, year, callcredit, director, credit card fraud