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