'Unsophisticated' card fraud increases

Rights, Scams and Politics

Updated on 12 March 2013 | 1 Comment

New figures show criminals are increasingly resorting to 'low-tech' scams to get hold of our credit and debit card details.

Card fraud increased in 2012, but mainly due to a rise in more unsophisticated ‘deception’ crimes, according to new figures from Financial Fraud Action.

Overall losses from debit and credit card fraud were up 14% on 2011 at £388 million, although this is 36% lower than their peak in 2008. And as security systems have become more sophisticated, criminals are increasingly resorting to ‘low-tech’, old-fashioned crimes such as distracting people at cash machines, or in shops and bars, making a note of their PIN and then stealing their card.

Singer Lulu tweeted that she had her debit card stolen recently after being distracted by three men at an ATM in central London. This type of crime rose by 42% in 2012.

Meanwhile, card not present fraud, where a card’s information has been ‘skimmed’ and stored for future use, or where a person has had their card details stolen after an online transaction, increased by 11%.

And for those of you who wonder why we frequently write articles warning about fake websites, online banking fraud rose by 12%, mostly due to people being duped by authentic-looking but nonetheless fake websites.

But telephone banking losses fell by a quarter and cheque fraud rose by just 2%.

Financial Fraud Action is reminding people not to give out information such as PINs or other card details to cold callers either on the phone or on the doorstep.

The good news is that 97% of the people who are defrauded get their money back.

More on scams and fraud

How to protect your PINs and passwords

One Direction ticket scam: how to spot a fake ticket site

Watch out for these HMRC tax refund scams

Numbers duped by credit card PIN scam rocket

Warning: PayPal child pornography scam email

Worst email scams of 2012

http://www.lovemoney.com/news/scams-and-rip-offs/scams/18728/numbers-falling-for-credit-card-pin-scam-rocket

Comments

Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom. loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited. We operate as a credit broker for consumer credit and do not lend directly. Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards. While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.