Credit Card Fraud Still Rife Despite Chip and Pin

When Chip and Pin was introduced it was hailed asanother one is that thieves can steal wallets or purses
the solution to all our fraud woes, no longer wouldwhich stupidly have the PIN number written down also
fraudsters be able to go on a spending spree byinside.
faking your signature. For a while the public has beenAs well as this the ease of which thieves can use
safe from thieves but a recent study carried out bycredit cards online has accounted for a notable rise in
the payments body Apacs shows that fraud hasn'tthe 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 creditand so don't require much effort in order to steal vast
card fraud in 2007, this will be the first time that figureamounts of money. £290.5 million has been lost
has risen since 2004. With the Chip and Pin securitythrough this method and many people have held back
system now a commonplace feature on the highon 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 tonotice any extravagant and unusual transactions and
cards being used fraudulently abroad, some foreigneither block your card or refund the transaction, this
countries still do not use Chip and Pin and so havemeasure varies between card providers.
been easy pickings for criminal gangs who steal cardsAll in all fraud is still a factor with credit cards and so
in the UK and transfer them to their counterpartsthey 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 amountcover your hands when entering your PIN and being
(39%) of the money lost there are still plenty ofwary of anyone peeking over your shoulder! If you are
reasons for credit card fraud in this country too. Thegoing away on holiday then make sure you let your
main cause domestically is stolen details, where thecredit card company know, they will notice your card
thief knows your PIN number and can use the cardbeing used in a foreign country and possibly block it as
freely. Thieves can get your details by observing youmentioned in this article.
enter your PIN at a machine and steal it later on,