Search: Protect yourself from credit card fraud
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The introduction of Chip and PIN in 2006 has certainly helped to combat credit card fraud. However, recent APACS figures suggest that card fraud is still a major issue for consumers and the retail financial services sector alike.
Leading instant online credit information provider, Equifax, is warning that the methods by which this crime is perpetrated are becoming more sophisticated, with a number of cases highlighted to the company in the last few months with cloning being particularly prevalent.
Credit cloning is a retailer's nightmare with, in particular, a number of incidences involving petrol stations.
Recent cases
Equifax is warning consumers to look closely at their credit card and bank statements for signs of unusual activity and it cites the case of Sarah McBride, a 19 year old administration assistant from Teddington, who found out about credit card cloning the hard way.
Sarah received a call from her bank mid September, asking if she had been to Italy. She had recently been on holiday there, but she hadn't taken her credit card so was puzzled by a transaction from Italy that the bank was calling about.
It transpired that the bank believed her card had been cloned at a local petrol station, which was a problem they were seeing on a regular basis. The bank cancelled the card and advised her to only use cash at garages.
Sarah is usually quite wary with her money and takes care when entering her PIN. She doesn't use her credit cards to pay for many things as she prefers to monitor her spending by withdrawing cash. However, despite this care and attention, she became victim to the cloners and it has made her think more about card security and ID fraud.
She has applied for a copy of her Equifax Credit Report and is considering shredding her personal details from now on.
Sarah also recently moved house, so she has set up post redirect to ensure that none of her post goes to the old address.
"Sarah is very careful with her cards and money, yet she still came a cropper at the hands of credit card fraudsters", confirmed Neil Munroe, External Affairs Director, Equifax. "As Sarah experienced, fraudsters are close to home, with many cloning cards in the UK and then living it up abroad using the victim's card. Fortunately Sarah's bank was quick off the mark and stopped any serious damage being done."
And Sarah isn't the only one to have been hit by the cloners. BBC TV Top Gear presenter, Jeremy Clarkson, recently reported that his card had been cloned to the tune of over £35,000!
"ID and credit card fraud is a very real threat for consumers, making it essential that they take sensible precautions to protect themselves. Armed with the right knowledge, consumers can help minimise the risk of fraud and take fast action if they do become victims."
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