UK credit cards targeted by fraudsters
Credit card fraud has hit new heights, with London being named as the credit card fraud capital of Britain for the second year running. Figures released by insurance company CPP showed that 38% of people had been victims of credit card fraud in 2008. In 12 months, almost three million people in the capital were affected " a third of all cases in Britain and a 10% jump on previous figures. The average amount stolen was 650, although some had lost considerably more. Often, victims were only made aware of the crime when they had been contacted by their bank and hadnt been aware up until that point that their details had been stolen.
These worrying statistics show just how easy it is for determined criminals to get access to sensitive personal details, pin numbers and credit card information. Online fraud is of particular concern for many people as millions of very convincing but utterly fraudulent emails are sent to accounts every day, pretending to be from legitimate banks and asking for customers to confirm their details. These emails " known as phishing emails " look like the genuine article and once a customer has responded to the request their details are in the hands of the criminals and the bank account starts to empty very quickly.
The simple truth is that it is relatively easy to protect yourself, both online and in daily life. No bank will ever legitimately request a customer to confirm details via email or by telephone, and so you can be sure that any emails that do ask for sensitive information are scam or phishing emails. The basic rule is never respond to these emails and if you are unsure about the authenticity of an email (as some of them are now extremely convincing), contact your bank directly. The advent of online auction sites and Internet purchasing has opened up another route to a wealth of private details for high-tech fraudsters, but again it is relatively easy to protect yourself and your details from being scammed. By simply checking that the site is a secure one (indicated by the https section of the URL and a padlock icon in the bottom right hand corner of the screen), online purchasing should be safe. If either of these indicators is missing then the site is an unsecured one and your details are vulnerable.
Skimming credit cards has become an increasing problem in Britains busy high streets and 21% of credit card fraud is a result of this practice. The insertion of readers that skim the details of your credit card as you use an automatic cash dispenser or a small camera that photographs pin numbers as they are punched in are examples of increasingly high tech methods employed by fraudsters. If an ATM machine shows any indication of being tampered with, avoid using the machine and report your suspicions to the bank. Covering the keypad with your hand is a very low-tech way of beating any spy cameras that may be trying to photograph your pin number as you enter it.
Passwords are another weak link in the chain, with many people using the same password for all their Internet activities. The problems can start once this password becomes common knowledge to a fraudster as they will then test its use against your other activities. Keep your passwords secure at all times and dont go for the obvious such as pets names or mothers maiden names. All of these are simple measures that the average person can take to give themselves a level of protection against fraud, but what are the banks doing to ensure that your details are safe?
Banks and credit card companies are now much more aware of the dangers of identity theft and spurred on by reports of customers details being left out for the bin-men are implementing much stricter security protocol to ensure the safety of sensitive information. They are also working closely with the Police (both nationally and internationally, as many of the fraudsters operate outside the UK) to combat credit card fraud and cyber-crime. It is an ongoing battle, but by using simple methods to protect your credit card details combined with the financial institutions initiative against fraud there is a good chance that Britain will be able to shake off the image of being an easy target for credit card fraudsters.
These worrying statistics show just how easy it is for determined criminals to get access to sensitive personal details, pin numbers and credit card information. Online fraud is of particular concern for many people as millions of very convincing but utterly fraudulent emails are sent to accounts every day, pretending to be from legitimate banks and asking for customers to confirm their details. These emails " known as phishing emails " look like the genuine article and once a customer has responded to the request their details are in the hands of the criminals and the bank account starts to empty very quickly.
The simple truth is that it is relatively easy to protect yourself, both online and in daily life. No bank will ever legitimately request a customer to confirm details via email or by telephone, and so you can be sure that any emails that do ask for sensitive information are scam or phishing emails. The basic rule is never respond to these emails and if you are unsure about the authenticity of an email (as some of them are now extremely convincing), contact your bank directly. The advent of online auction sites and Internet purchasing has opened up another route to a wealth of private details for high-tech fraudsters, but again it is relatively easy to protect yourself and your details from being scammed. By simply checking that the site is a secure one (indicated by the https section of the URL and a padlock icon in the bottom right hand corner of the screen), online purchasing should be safe. If either of these indicators is missing then the site is an unsecured one and your details are vulnerable.
Skimming credit cards has become an increasing problem in Britains busy high streets and 21% of credit card fraud is a result of this practice. The insertion of readers that skim the details of your credit card as you use an automatic cash dispenser or a small camera that photographs pin numbers as they are punched in are examples of increasingly high tech methods employed by fraudsters. If an ATM machine shows any indication of being tampered with, avoid using the machine and report your suspicions to the bank. Covering the keypad with your hand is a very low-tech way of beating any spy cameras that may be trying to photograph your pin number as you enter it.
Passwords are another weak link in the chain, with many people using the same password for all their Internet activities. The problems can start once this password becomes common knowledge to a fraudster as they will then test its use against your other activities. Keep your passwords secure at all times and dont go for the obvious such as pets names or mothers maiden names. All of these are simple measures that the average person can take to give themselves a level of protection against fraud, but what are the banks doing to ensure that your details are safe?
Banks and credit card companies are now much more aware of the dangers of identity theft and spurred on by reports of customers details being left out for the bin-men are implementing much stricter security protocol to ensure the safety of sensitive information. They are also working closely with the Police (both nationally and internationally, as many of the fraudsters operate outside the UK) to combat credit card fraud and cyber-crime. It is an ongoing battle, but by using simple methods to protect your credit card details combined with the financial institutions initiative against fraud there is a good chance that Britain will be able to shake off the image of being an easy target for credit card fraudsters.
About the Author:
James Gladstone is a financial writer who has written articles for various popular websites. You can find out more information on the credit card topic here.
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5:39 AM
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