There is good news today in the announcement that card fraud in the UK has fallen to its lowest level for 11 years. The amount of money lost due to credit and debit card fraud last year fell by 7% to £341m. Obviously this is still a huge amount of money, but if you compare that to its peak of £610m in 2008, it is a good sign.
With people posting more and more information about themselves online and increasingly using their cards for online purchases, it’s reassuring to see that banks and card suppliers are doing their best to combat fraud. The UK Cards Association attributes the drop in card fraud to recent anti-fraud measures including online card verification software, such as MasterCard Secure Code and Verified by Visa, as well as increased use of chip-and-pin technology in other countries.
Melanie Johnson, chair of UK Cards Association also gave credit to card owners, saying “Customers have also played their part in driving down losses by taking heed of advice about looking after their personal and financial details.”
Meanwhile DCI Paul Barnard, who heads up the police cheque and plastic crime unit warned people of the potential scams that are out there: “Be wary of any unsolicited phone calls or emails – never hand over your card and Pin or bank security details in full as neither your bank or the police will ever ask you for these.”
It goes without saying that you should always be vigilant when sharing private information online. Before you sign up to a service, respond to a strange email or grant a third-party app access to a social networking account, take a close look at what it is and if necessary do some research to see what other consumers are saying about it.