| When Chip and Pin was introduced it was | | | | one is that thieves can steal wallets or |
| hailed as the solution to all our fraud | | | | purses which stupidly have the PIN |
| woes, no longer would fraudsters be able | | | | number written down also inside. |
| to go on a spending spree by faking your | | | | As well as this the ease of which |
| signature. For a while the public has | | | | thieves can use credit cards online has |
| been safe from thieves but a recent | | | | accounted for a notable rise in the past |
| study carried out by the payments body | | | | year. The majority of the details |
| Apacs shows that fraud hasn't been wiped | | | | necessary for online transactions are |
| out. | | | | held on the face of the card and so |
| A staggering £535.2 million was lost | | | | don't require much effort in order to |
| due to credit card fraud in 2007, this | | | | steal vast amounts of money. £290.5 |
| will be the first time that figure has | | | | million has been lost through this |
| risen since 2004. With the Chip and Pin | | | | method and many people have held back on |
| security system now a commonplace | | | | the current craze for buying online due |
| feature on the high street how is the | | | | to the lack of security. Fortunately |
| amount lost explained? | | | | most credit card companies will notice |
| Well one of the main reasons has been | | | | any extravagant and unusual transactions |
| down to cards being used fraudulently | | | | and either block your card or refund the |
| abroad, some foreign countries still do | | | | transaction, this measure varies between |
| not use Chip and Pin and so have been | | | | card providers. |
| easy pickings for criminal gangs who | | | | All in all fraud is still a factor with |
| steal cards in the UK and transfer them | | | | credit cards and so they should be |
| to their counterparts overseas. | | | | treated with an air of caution by not |
| Whilst foreign card use accounted for a | | | | writing your PIN number down anywhere, |
| large amount (39%) of the money lost | | | | ensuring you cover your hands when |
| there are still plenty of reasons for | | | | entering your PIN and being wary of |
| credit card fraud in this country too. | | | | anyone peeking over your shoulder! If |
| The main cause domestically is stolen | | | | you are going away on holiday then make |
| details, where the thief knows your PIN | | | | sure you let your credit card company |
| number and can use the card freely. | | | | know, they will notice your card being |
| Thieves can get your details by | | | | used in a foreign country and possibly |
| observing you enter your PIN at a | | | | block it as mentioned in this article. |
| machine and steal it later on, another | | | | |