| Credit cards have become an increasingly integral part | | | | spread across the UK afterwards. In fact, people who |
| of our financial system over the last century. Types of | | | | live in London will be more familiar with the technology, |
| credit cards and consumer credit choices have | | | | since it is already in widespread use for Oyster cards. |
| continued to flourish across the world and, while many | | | | However, while credit card innovations constantly |
| credit card companies have come under fire for | | | | progress, so do methods of credit card fraud. In 2005, |
| misleading consumers and encouraging consumers to | | | | studies done by the British Bankers' Association (BBA) |
| get into debt, new credit card innovations mean | | | | have shown that credit card fraud amounted to over |
| constant changes in the financial market. | | | | £439 million - although this figure was actually 13 |
| For example, if you're one of the millions of people | | | | per cent lower than the previous year. As a result, |
| who hate accumulating loose change in your pockets | | | | consumers in Britain are being encouraged to take full |
| or your wallet every day, a new payment system | | | | responsibility to fight this menacing threat by being |
| devised by Visa could change your life. Under the new | | | | extra careful with their credit cards and their credit |
| 'wave and pay' system, customers would be required | | | | card practices. |
| to pass a credit card in front of an electronic reader in | | | | There are however, many tips you can follow to |
| order to make little payments, but wouldn't actually | | | | successfully avoid credit card fraud: for instance, make |
| need to remove the card from their wallets. The | | | | sure you don't keep personal financial details like PIN |
| system would, however, be limited to monetary | | | | numbers or confidential information written down. Also, |
| transaction amounting to less than £10 in total. | | | | make sure that when you're making a financial |
| Visa's financial chiefs estimate that demand for this | | | | transaction, you do not let your card or card details out |
| 'wave and pay' system will expand in the future, thus | | | | of your sight. |
| promoting more efficient low-cash payments and | | | | There are a variety of sources that consumers can |
| stimulating a move away from loose change. Visa | | | | turn to for advice when choosing a credit card; |
| Europe spokesperson, Sandra Alzetta, stated: | | | | financial comparison sites, for example, allow you to |
| "With over 75 percent of all cash payments being less | | | | view a selection of credit card offers before you |
| than £10, the introduction of contactless | | | | make your decision. After all, if you use your credit |
| payments will play a major role in encouraging the use | | | | card wisely and take measures to ensure that you're |
| of cards over cash for low value transactions." | | | | not a victim of credit card fraud, you're less likely to |
| It is expected that 'wave and pay' readers will be | | | | become a statistic. |
| introduced into London by the end of 2007, and then | | | | |