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 frightening statistics show how fraudsters are making life difficult for innocent people and just how easily they can get hold of personal details, pin numbers and credit card information. Once they have this information it only takes a very short time for them to steal money from an account and then disappear into the Internet. Online fraud is a growing problem with many people falling victim to emails pretending to be from legitimate sources such as the customers bank. Responding to these emails is a sure-fire way of running up a credit card bill very quickly or seeing a bank account drain of funds before your eyes.
However, there is a very easy way to protect yourself against this kind of attack and that is never respond to any email asking you to confirm sensitive information. No bank will ever ask you to do this legitimately either by phone or by email, so you can be sure those that do are scams. If you have any doubts, contact your bank directly. The growth of online auction sites and Internet shopping has given criminals a new route into peoples personal details, but again it is fairly easy to carry out a few basic checks to ensure that the site you are using is secure. A secure site should have a URL address that includes the prefix https and a padlock icon in the bottom right hand corner of the screen. If these are missing then the site is unsecured and so are your credit card details.
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 frightening statistics show how fraudsters are making life difficult for innocent people and just how easily they can get hold of personal details, pin numbers and credit card information. Once they have this information it only takes a very short time for them to steal money from an account and then disappear into the Internet. Online fraud is a growing problem with many people falling victim to emails pretending to be from legitimate sources such as the customers bank. Responding to these emails is a sure-fire way of running up a credit card bill very quickly or seeing a bank account drain of funds before your eyes.
However, there is a very easy way to protect yourself against this kind of attack and that is never respond to any email asking you to confirm sensitive information. No bank will ever ask you to do this legitimately either by phone or by email, so you can be sure those that do are scams. If you have any doubts, contact your bank directly. The growth of online auction sites and Internet shopping has given criminals a new route into peoples personal details, but again it is fairly easy to carry out a few basic checks to ensure that the site you are using is secure. A secure site should have a URL address that includes the prefix https and a padlock icon in the bottom right hand corner of the screen. If these are missing then the site is unsecured and so are your credit card details.
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 writes for various popular websites about financial based topics. You can find out more information on the credit card topic here.
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