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07/03/2012
11 Year Low For Card Fraud
Money lost due to credit and debit card fraud has reached an 11-year low, falling to £341m last year, a drop of 7%.
The drop has been attributed to a 41% fall in fraudsters impersonating people to obtain or use credit cards and a 24% drop in fraud committed by cloned credit cards.
This is the third year in a row that a drop has been recorded with an overall fall of 44% since 2008, the UK Cards Association has said.
Card fraud is now at its lowest since 2000 when £317m was lost.
The improvement of anti-fraud measures such as chip-and-pin technology and online verification software has been credited for the improvement.
"This is... clear proof that our endeavours to fight fraud are packing a punch." Said Melanie Johnson, chair of the UK cards Association.
"Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details," she added.
More sophisticated anti-fraud measures have forced criminals to resort to simpler methods said DCI Paul Barnard, leader of the police cheque and plastic crime unit.
"Many scams involve customers being conned into handing over their cards and Pins, or their telephone banking security details by someone calling, pretending to be their bank or police…
"Be wary of any unsolicited phone calls or emails - never hand over your card and Pin or bank security details in full as neither your bank or the police will ever ask you for these."
(H)
The drop has been attributed to a 41% fall in fraudsters impersonating people to obtain or use credit cards and a 24% drop in fraud committed by cloned credit cards.
This is the third year in a row that a drop has been recorded with an overall fall of 44% since 2008, the UK Cards Association has said.
Card fraud is now at its lowest since 2000 when £317m was lost.
The improvement of anti-fraud measures such as chip-and-pin technology and online verification software has been credited for the improvement.
"This is... clear proof that our endeavours to fight fraud are packing a punch." Said Melanie Johnson, chair of the UK cards Association.
"Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details," she added.
More sophisticated anti-fraud measures have forced criminals to resort to simpler methods said DCI Paul Barnard, leader of the police cheque and plastic crime unit.
"Many scams involve customers being conned into handing over their cards and Pins, or their telephone banking security details by someone calling, pretending to be their bank or police…
"Be wary of any unsolicited phone calls or emails - never hand over your card and Pin or bank security details in full as neither your bank or the police will ever ask you for these."
(H)
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08 October 2003
M&S backtracks over &More credit card after OFT probe
Marks and Spencer Financial Services (MSFS) has changed the way it will offer to replace its store cards by the &More credit card after action by the Office of Fair Trading. MSFS had sent out letters to many card holders saying that its store card would automatically be replaced by the &More credit card unless card holders objected.
M&S backtracks over &More credit card after OFT probe
Marks and Spencer Financial Services (MSFS) has changed the way it will offer to replace its store cards by the &More credit card after action by the Office of Fair Trading. MSFS had sent out letters to many card holders saying that its store card would automatically be replaced by the &More credit card unless card holders objected.
22 August 2013
Customers To Be Reimbursed Following Mis-Sold CPP Card Protection
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
Customers To Be Reimbursed Following Mis-Sold CPP Card Protection
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
10 October 2005
Chip and PIN reducing card fraud
Chip and PIN cash cards are helping to reduce credit and debit card fraud in the UK, a banking body has reported. The Association of Payment Clearing Services (Apacs) reported that the cost of counterfeit and lost and stolen card fraud between January and June 2005 was £89.9 million – a drop of nearly a third from £126.
Chip and PIN reducing card fraud
Chip and PIN cash cards are helping to reduce credit and debit card fraud in the UK, a banking body has reported. The Association of Payment Clearing Services (Apacs) reported that the cost of counterfeit and lost and stolen card fraud between January and June 2005 was £89.9 million – a drop of nearly a third from £126.
26 August 2003
Warning issued after credit cards cloned at bank
Police are warning the public to be vigilant after reports of credit and debit card fraud were linked to a criminal operation in HSBC bank, Newbury. Police investigations into a report of debit card fraud have discovered that a skimming device had been installed underneath the card swipe which allows access to the lobby of the bank out of hours.
Warning issued after credit cards cloned at bank
Police are warning the public to be vigilant after reports of credit and debit card fraud were linked to a criminal operation in HSBC bank, Newbury. Police investigations into a report of debit card fraud have discovered that a skimming device had been installed underneath the card swipe which allows access to the lobby of the bank out of hours.
19 October 2010
E-crime Officers Arrest Suspected 'Money Mule'
Ahead of National Identity Fraud Prevention week, Metropolitan Police Service (MPS) Police Central e-crime Unit (PCeU) has arrested a suspected counterfeit credit card manufacturer.
E-crime Officers Arrest Suspected 'Money Mule'
Ahead of National Identity Fraud Prevention week, Metropolitan Police Service (MPS) Police Central e-crime Unit (PCeU) has arrested a suspected counterfeit credit card manufacturer.
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