Posted by Peter Brady on Mon 3rd July 2006 at 09:00 AM, Filed in Fraud
Did you know that fraud on UK credit and debit cards costs over £1 million every day? Frightening statisitc really.
So what can you do to mitigate a fraud in the UK?
Well, chip (the sophisticated little card chip) and pin (personal identification number) is helping matters.
According to the “Crime Support Financial”
“If your card is used or stolen you are fully protected by the UK Banking Code. The Code is a voluntary system that sets out standards for good banking practice, including limiting liability for cardholders that are victims of fraud. Under the Code, if someone else uses your card before you tell your card issuer it has been lost or stolen or that someone else knows your PIN, the most you will have to pay, in theory, is £50.
In practice the bank or building society will usually refund the full amount lost. But if the cardholder were negligent, for example, by keeping their PIN near their card, they would have to meet all the losses.”
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Posted by Peter Brady on Mon 22nd May 2006 at 09:31 AM, Filed in Fraud
Did you know that some criminals can buy card details from petrol stations and call centre staff for as little as £15 ($25) to £20 ($30) a pop. This infomation can then be used to create fradulent credit card accounts.
Always be vigilant in checking your account statements as criminals are often quite sophisticated in only taking small amounts over long periods to avoid detection.
