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: banks, CPP, life assistance, sight, care, use

Brits: Debt below £15k is not a concern

Millions of Britons are unconcerned by their growing levels of debt despite recent interest rate rises.

According to the Personal Credit Index survey from CreditExpert.co.uk, six million people would remain unconcerned about their debts if they stayed below £15,000.

That figure does not include mortgages and a further 1.4 million Britons would be happy to rack up £50,000 in debt before becoming concerned.

This is all adds up to a growing level of confidence among Brits, with Experian, the firm behind CreditExpert and the survey, saying that consumer confidence is currently at an annual high.

“The fact that so many Brits are happy with unsecured borrowing of at least £15,000 may seem shocking on first sight but the credit-comfy generation seems to have become anaesthetised to the real implications of mounting debt,” commented Jim Hodgkins, managing director of CreditExpert.co.uk.

“With the current rise in interest rates, many will find that debt they blithely ignored is in danger of spiralling out of control.”

In spite of our apparent apathy towards debt, the survey showed that it remains something of a social taboo.

One in ten of those questioned claimed that their debt problem is their most socially embarrassing life event, putting it well above getting a divorce or being caught using illegal drugs.

Tags: real implications, life, Personal Credit, rack, sight