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