| The recent scandal over the credit card details of TK | | | | financial sector. These new procedures aim to reduce |
| Maxx customers being stolen in epic proportions has | | | | the level of bureaucracy involved in the recording of |
| once again revived the age-old financial question - just | | | | fraud. |
| how safe is your credit card? The advent of Chip and | | | | Sandra Quinn, director of communications at APACS, |
| Pin in the UK in 2006 caused waves of warning last | | | | commented: "This change simply removes an |
| year when credit consumers feared for the safety of | | | | additional level of reporting and will provide greater |
| their pin numbers. However, a recent change in the | | | | consistency for the reporting of fraud losses in the UK. |
| system for reporting credit card, cheque and online | | | | APACS will provide the Home Office with the |
| banking fraud may help increase consumer confidence | | | | industry's fraud figures for cheque, plastic and online |
| when it comes to your credit card privacy. | | | | banking fraud losses - these losses will then be |
| APACS, the UK trade association for payments and | | | | published as part of the government's annual crime |
| those institutions that deliver payment, reports that | | | | figures." |
| from Sunday, April 1 2007, credit card consumers in | | | | Ms Quinn added: "The threat of fraud is, unfortunately, |
| England, Wales and Northern Ireland would have to | | | | a part of our daily lives. Although card fraud losses |
| change the way they report instances of credit card | | | | have decreased for the past two years, the industry |
| fraud. The previous method allowed victims of credit | | | | remains committed to a multi-layered approach to |
| card fraud to report to both their bank or building | | | | tackling card fraud." |
| society and to the police. However, the new rules | | | | Earlier this year, APACS released its full UK card fraud |
| place banks and financial institutions as the first point of | | | | figures for 2006, which showed that total losses have |
| contact for victims reporting these frauds, and now | | | | fallen by 3% in the past year to £428 million. |
| eliminate the need to inform the police as well. | | | | If you're looking for a new credit card, but you're |
| These changes to the way that card, cheque and | | | | unsure as to which banks and financial institutions offer |
| online banking fraud are being reported follows on | | | | the best protection against credit card fraud, you'll be |
| from the introduction of the Fraud Act in 2006, and are | | | | able to seek help from a variety of online consumer |
| the product of discussions between the Home Office, | | | | comparison sites that will advise you on which credit |
| Association of Chief Police Officers (ACPO) and the | | | | card is best for your personal and financial needs. |