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