Put credit card fraud into perspective

As Christmas approaches many consumers in the UK have started to worry about the risk of Internet fraud, and although buying gifts and other related items online has become hugely popular over the years many are still worried about the possibility of becoming the victims of credit card fraud. This worry is further reinforced through the various warnings that always come out at around this time of year, warning consumers to beware of credit card fraudsters.

However, some new advice has now been issued by a company that works to protect both retailers and consumers from this type of crime. The 3rd Man has advised consumers not to listen to ‘scaremongers’, and has urged retailers to put this type of criminal activity into perspective. The 3rd Man wants more emphasis put on the fact that by and large Internet shopping is safe, and this is because most reputable retailers use secure software to ensure that the consumer’s financial and personal data is not compromised.

Each year billions of pounds is spent on Internet shopping by consumers in the UK, but the many stories about the risk of online shopping and credit card fraud could result in a drop in consumer confidence. The 3rd Man does advise consumers to ensure that the site that they are using is a secure one, and providing that this is the case there should be no need to worry.

The CEO of the company stated: “Every day there is a story about fraudsters cheating their way into our pockets. The introduction of Chip and PIN has made a massive impact on fraud, reducing crime in stores. It has also persuaded many fraudsters to target ‘card not present’ environments such as Internet shopping, but equally many retailers have recognised this and put in place proper systems to combat the criminals. If people wish to shop on the Internet they should be confident that it is fundamentally safe. It is the safest way to shop!”

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• Identity Theft

Tags: cash, cost, account, fraud, thief, credit, steal

UK Credit Card Consumers Should Be Watchful

The latest scam to defraud vulnerable credit cards holders in the UK has come to light in the Worcestershire area, where thieves pretending to be police officers or bank workers managed to steal credit cards with which they then took cash from consumers’ accounts. In the recent incidents the thieves managed to get away with thousands of pounds after obtaining the credit card PIN numbers fraudulently from consumers that thought that they were talking to professionals and officials.

According to police officials, the thieves had acted very convincingly, and had actually called consumers to tell them that they were in danger of being defrauded and that they were trying to stop this from happening. The thieves posed as officers and bank officials in order to convince the victim that they were acting in their best interest, and as a result obtained personal banking and financial details from consumers.

Officials have now warned that consumers need to ensure that they don’t give out any information of this sort over the phone. One officer stated: “Banks, building societies and the police will never ask for PIN numbers over the phone or even face-to-face.” He added: “They are a matter for the individual only. If someone does ask, no matter the circumstances, suspicions should be immediately aroused and the incident reported to police.”

Consumers have always had to remain vigilant for different types of credit card fraud, and this is one of a long line of different scams that have seen consumer conned out of thousand of pounds in the UK. Police have asked card holders to challenge anyone that they are suspicious of ‘firmly but politely’ in order to try and verity their identity. Officers have also issued local and national numbers for anyone to report suspicious activity of this sort.

Tags: credit, fraud, thief, types, theft

Brits Seriously Undervaluing the Cost of Their Home Contents

New research published by Legal & General indicates that most Brits are seriously undervaluing the cost of replacing their home contents when it comes to filing a home contents insurance policy. 

The average UK homeowner currently values the possession in their home to worth a mere £14,300, whereas the actual cost of replacing most items found in an average UK home would likely cost more than £38,000.  Alone, the average UK living room now contains electrical and other goods that make the value of replacing these exceed £10,500.

With research undertaken recently by the Halifax Home Insurance showing that burglaries and house theft levels in the UK increasing by as much as 8%. During the winter months, UK home insurance providers are not only cautioning homeowners to take extra precautions to ensure the safety of their homes but are also asking policyholders to take a careful look around their home and make sure they are reflecting a true value to the value of the contents.

Moreover, with the average UK homeowner unlikely to amend their home contents insurance dramatically year-on-year, a big question remains whether UK households take into account items purchased for their homes in the previous calendar year when renewing their home contents insurance.  Given that new electronic items can be expensive, UK home contents insurance policyholders should also be taking a close look at whether or not the threshold value of home contents is being reached and whether or not new expensive items need to be reported individually when renewing a home contents insurance policy. 

Special attention should also be given to any new jewellery items you may have purchased in the last year, as these are also unlikely to be covered under any general home contents insurance policy unless they have been specifically identified.  In this regard, it is generally advised that any UK household photograph new items purchased so that they can keep a log of all of the items in their home.  Photographing home contents is also much easier when it comes to making any claim on your UK home contents insurance policy.

Reflecting this general opinion among home contents insurance providers in the UK, Andy Dawson, operations director at Legal & General, commented, “From the survey findings it would appear that insurance cover loss of property from the home could be over £20,000 below the level it should be.  We would suggest that everyone take the research findings as a prompt to review their home contents and check the insurance cover they have in place”.

Tags: Insurance, thief, contents, valuables, claim, belongings, burglary