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11/04/2003
Anti-credit card fraud initiative unveiled
Banks, building societies and retailers have joined forces for an initiative designed to combat credit and debit card fraud in the UK.
It is hoped that the 'Chip and PIN' programme will help reverse the rising tide of credit card fraud in the UK – a trend which topped a record £424.6 million in 2002.
The programme – which is being piloted in Northampton next month – will see consumers verify their purchases by keying in a four-digit PIN rather than signing a receipt and cards will have smart chips which will store information more securely than magnetic stripes. The measure should provide greater protection against fraudsters by reducing fraud on skimmed or stolen cards, which accounts for over 60% of the total.
During the trial, Northampton consumers will be prompted to use their PIN for one in every two or three transactions, using a range of debit and credit cards, and will become the UK’s first Chip and PIN users. American Express, Barclaycard, Barclays Bank plc, the Co-operative Bank, Egg, Girobank Merchant Services, HSBC, Lloyds TSB, MasterCard, The Royal Bank of Scotland Group, Switch and Visa are all participating in the trial.
Large and small shops, petrol stations, pubs, hotels and restaurants will be involved – in total, around 1,000 retailers are expected to participate.
If it is to roll out across the UK, the Chip and PIN Programme will see more than 850,000 retailer terminals, 122 million cards and 40,000 cash machines upgraded by 2005.
Chris Pearson, Chief Executive of the Association for Payment Clearing Services (APACS) said: “This is a turning point in the fight against plastic card crime in the UK. More than £1 million worth of card fraud is committed every day - that’s a fraudulent transaction every eight seconds. We’re putting in measures which will have a significant impact on this figure, will ensure better safety for UK consumers and will help take away the nightmare of card fraud."
(GMcG)
It is hoped that the 'Chip and PIN' programme will help reverse the rising tide of credit card fraud in the UK – a trend which topped a record £424.6 million in 2002.
The programme – which is being piloted in Northampton next month – will see consumers verify their purchases by keying in a four-digit PIN rather than signing a receipt and cards will have smart chips which will store information more securely than magnetic stripes. The measure should provide greater protection against fraudsters by reducing fraud on skimmed or stolen cards, which accounts for over 60% of the total.
During the trial, Northampton consumers will be prompted to use their PIN for one in every two or three transactions, using a range of debit and credit cards, and will become the UK’s first Chip and PIN users. American Express, Barclaycard, Barclays Bank plc, the Co-operative Bank, Egg, Girobank Merchant Services, HSBC, Lloyds TSB, MasterCard, The Royal Bank of Scotland Group, Switch and Visa are all participating in the trial.
Large and small shops, petrol stations, pubs, hotels and restaurants will be involved – in total, around 1,000 retailers are expected to participate.
If it is to roll out across the UK, the Chip and PIN Programme will see more than 850,000 retailer terminals, 122 million cards and 40,000 cash machines upgraded by 2005.
Chris Pearson, Chief Executive of the Association for Payment Clearing Services (APACS) said: “This is a turning point in the fight against plastic card crime in the UK. More than £1 million worth of card fraud is committed every day - that’s a fraudulent transaction every eight seconds. We’re putting in measures which will have a significant impact on this figure, will ensure better safety for UK consumers and will help take away the nightmare of card fraud."
(GMcG)
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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.
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.
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.
10 November 2003
Watchdog issues advice on avoiding credit card fraud
The UK credit card watchdog has launched a new initiative to help protect shoppers and retailers from fraudulent phone, fax, internet credit card use as 'card not present' mail order fraud now costs £110 million-a-year.
Watchdog issues advice on avoiding credit card fraud
The UK credit card watchdog has launched a new initiative to help protect shoppers and retailers from fraudulent phone, fax, internet credit card use as 'card not present' mail order fraud now costs £110 million-a-year.
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