Consumers ’should help prevent credit card fraud’

Consumers and financial institutions have a joint responsibility to prevent card fraud, claims one expert.

Although banks have a “definite responsibility” to protect consumers, individuals should also be more stringent with their financial information.

Danny Harrison, a fraud expert from life assistance company CPP, commented that people should be careful when using chip and pin because others could “look over their shoulder – fraudsters have been sold some devices that use cameras which can get the pin number”.

Other tips from CPP included people making sure that their post is secure and taking care that credit and debit cards do not leave their sight in restaurants and shops.

A potential problem can also be caused by writing down passwords and pin numbers.

Card Watch reported that in 2007, £535.2 million was lost as a result of credit card fraud.

However, CPP also found that almost three-quarters of those surveyed believe it is the sole responsibility of the banks or credit card companies if a problem arises through their products.

Although 74 per cent thought individuals should be responsible for minimising the risk of card fraud, 65 per cent also thought that responsibility lay with the banks.

Tags: sight, definite responsibility, CPP, banks, care, use, shoulder, life assistance