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