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06/08/2001
Fingerprints trialled in fight against credit card fraud
Fingerprints could soon be the latest weapon in the fight against credit card fraud if current trials in the UK show encouraging results.
Credit card fraud is one of the country’s fastest-growing forms of crime, enabling thieves to gain access to up to £300m of other people’s money each year - approximately £820,000 per day.
Credit card details can be easily obtained through a variety of processes, including “skimming” whereby a customer’s card details are secretly swiped by counter staff or salespeople through a small hand-held scanning slot, which copies the details held on the magnetic strip for downloading onto a counterfeit card. Often the cardholder is unaware that their card has been cloned until they receive their statement or are contacted by their credit card company due to unusual spending patterns.
However, it is thought that the use of personal fingerprinting could provide a way around the problem, with several trials already underway in Sussex and Birmingham. The system, which uses water-based ink, is voluntary, and asks shoppers to give their fingerprints on the back of cheques and credit card receipts. The receipts will later be destroyed, but police will have access to the prints if they are alerted to a suspicious transaction.
Other anti-fraud initiatives currently under investigation include placing encrypted microchip in cards with pin numbers replacing point-of-sale signatures – the so-called ‘smart card’. (CL)
Credit card fraud is one of the country’s fastest-growing forms of crime, enabling thieves to gain access to up to £300m of other people’s money each year - approximately £820,000 per day.
Credit card details can be easily obtained through a variety of processes, including “skimming” whereby a customer’s card details are secretly swiped by counter staff or salespeople through a small hand-held scanning slot, which copies the details held on the magnetic strip for downloading onto a counterfeit card. Often the cardholder is unaware that their card has been cloned until they receive their statement or are contacted by their credit card company due to unusual spending patterns.
However, it is thought that the use of personal fingerprinting could provide a way around the problem, with several trials already underway in Sussex and Birmingham. The system, which uses water-based ink, is voluntary, and asks shoppers to give their fingerprints on the back of cheques and credit card receipts. The receipts will later be destroyed, but police will have access to the prints if they are alerted to a suspicious transaction.
Other anti-fraud initiatives currently under investigation include placing encrypted microchip in cards with pin numbers replacing point-of-sale signatures – the so-called ‘smart card’. (CL)
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04 February 2005
Credit card firms called on to offer 'fairer deals'
A report by the Treasury Select Committee (TSC) has called on credit card firms to improve the clarity of information and offer fairer deals to their customers. The TSC's new report into the UK credit card market is the second to be issued during the two years the committee has spent investigating the industry.
Credit card firms called on to offer 'fairer deals'
A report by the Treasury Select Committee (TSC) has called on credit card firms to improve the clarity of information and offer fairer deals to their customers. The TSC's new report into the UK credit card market is the second to be issued during the two years the committee has spent investigating the industry.
25 April 2002
UK High Street sales boom fizzles out
The High Street spending boom has begun to slow down, with shoppers apparently struggling with large credit card bills, following the record Christmas and New Year spending spree, the latest retail figures have shown. According to figures from the Office for National Statistics, retail sales volumes grew by 0.1% in March.
UK High Street sales boom fizzles out
The High Street spending boom has begun to slow down, with shoppers apparently struggling with large credit card bills, following the record Christmas and New Year spending spree, the latest retail figures have shown. According to figures from the Office for National Statistics, retail sales volumes grew by 0.1% in March.
18 July 2001
LOCAL BUSINESSES FALL PREY TO FRAUD
BANKS are to contribute to the costs of a new task force to tackle organised credit card fraud.
LOCAL BUSINESSES FALL PREY TO FRAUD
BANKS are to contribute to the costs of a new task force to tackle organised credit card fraud.
16 August 2011
Irish MBNA Jobs At Risk
There are fears of the future of hundreds of jobs at the MBNA credit card company in Ireland. The firm's parent company, the Bank of America, has announced plans to exit its credit card business internationally including the UK and Ireland.
Irish MBNA Jobs At Risk
There are fears of the future of hundreds of jobs at the MBNA credit card company in Ireland. The firm's parent company, the Bank of America, has announced plans to exit its credit card business internationally including the UK and Ireland.
20 May 2005
Fall in credit card debt reported
Credit card debt in the UK has dropped for the first time in over ten years, the British Bankers Association (BBA) has reported. The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
Fall in credit card debt reported
Credit card debt in the UK has dropped for the first time in over ten years, the British Bankers Association (BBA) has reported. The BBA reported a fall in net lending on credit cards of £40 million in April – the first fall in this category since May 1994.
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