As we all hit the shops in the run up to Christmas then once
again for the New Year sales, it is essential that you keep you eyes
open and hand on your money and cards. Christmas and New Year are the
most prosperous time for the credit card fraudster, as they take
advantage of the goodwill on offer - don't not make it easy for them!
It was forecast by Barclays Bank that the UK consumer withdrew some £490 million out of cash machines, between 10 am and 3 pm on 23 December. Total spending including credit cards, savings etc was expected to hit some £2.5 billion for yesterday alone - with £1.5 billion piled onto credit cards. This extensive use of credit cads around this period of the year has resulted in major opportunities for fraud, which the fraudsters have been taking with both hands.
It is estimated that a credit card fraud will take place every 9 seconds in the UK, with on average £1.2 million lost in fraudulent activity per day, on credit cards alone. Fraud or lost cards accounts for some £89 million in fraudulent spending last year, and £96.6 million was lost due to the copying, or "skimming" of cards. A truly horrendous situation for the UK consumer, with many not even becoming aware of any fraud until well into the New Year, when the postman brings them a surprise package.
In many instances, by the time the fraud has been realised the fraudster is well gone, and while there are means of retrieving some of the fraudulent payments, the financial institutions are becoming more and more loathe to compensate in full, especially where the card owner has maybe been a little less than careful. It is now essential that card owners take steps to ensure that they do not put themselves at risk. There are a number of easy steps to take:
· Never carry identification documents and credit cards in the same bag or wallet.
· Always thoroughly check your credit card statement in full - online if possible, where you can monitor your balance prior to receiving the statement.
· Report all suspicious transactions as soon as possible.
· Never let your card out of your sight when paying for items.
· When using a cash point, ensure that there are no overlays on the card entry slot. Fraudusters will often place a reader over this slot, and monitor your PIN number. Report any suspicions you have to the Bank asap, and do not use the machine.
While the card thief is becoming more and more adventurous, and some of the scams are difficult to notice, it is essential that card holders become more aware of the growing risk. While the UK has introduced a number of safety measures, including chip and PIN, the fraudsters are also developing new methods. Keep an eye on your finances, and don't contribute to the fraudsters pension.
It was forecast by Barclays Bank that the UK consumer withdrew some £490 million out of cash machines, between 10 am and 3 pm on 23 December. Total spending including credit cards, savings etc was expected to hit some £2.5 billion for yesterday alone - with £1.5 billion piled onto credit cards. This extensive use of credit cads around this period of the year has resulted in major opportunities for fraud, which the fraudsters have been taking with both hands.
It is estimated that a credit card fraud will take place every 9 seconds in the UK, with on average £1.2 million lost in fraudulent activity per day, on credit cards alone. Fraud or lost cards accounts for some £89 million in fraudulent spending last year, and £96.6 million was lost due to the copying, or "skimming" of cards. A truly horrendous situation for the UK consumer, with many not even becoming aware of any fraud until well into the New Year, when the postman brings them a surprise package.
In many instances, by the time the fraud has been realised the fraudster is well gone, and while there are means of retrieving some of the fraudulent payments, the financial institutions are becoming more and more loathe to compensate in full, especially where the card owner has maybe been a little less than careful. It is now essential that card owners take steps to ensure that they do not put themselves at risk. There are a number of easy steps to take:
· Never carry identification documents and credit cards in the same bag or wallet.
· Always thoroughly check your credit card statement in full - online if possible, where you can monitor your balance prior to receiving the statement.
· Report all suspicious transactions as soon as possible.
· Never let your card out of your sight when paying for items.
· When using a cash point, ensure that there are no overlays on the card entry slot. Fraudusters will often place a reader over this slot, and monitor your PIN number. Report any suspicions you have to the Bank asap, and do not use the machine.
While the card thief is becoming more and more adventurous, and some of the scams are difficult to notice, it is essential that card holders become more aware of the growing risk. While the UK has introduced a number of safety measures, including chip and PIN, the fraudsters are also developing new methods. Keep an eye on your finances, and don't contribute to the fraudsters pension.
