One third of UK adults are victims of card fraud..........
According to the annual Card Fraud Index released yesterday by life assistance company CPP, Card fraud has now affected a total of 13 million people in the UK during their lifetimes.
But there is some good news. 2010 saw a three per cent reduction in the number of card fraud incidences with seven per cent of people saying they had suffered from card fraud in the last 12 months compared to 10 per cent in 2009. However, card fraud is still a problem and people need to remain vigilant and take responsibility when using their cards.
The Card Fraud Index also reveals the methods criminals are using, with most victims (20%) having the magnetic stripe on their card cloned at an ATM or via a payment terminal. This is a three per cent increase on 2009. One in five victims have been defrauded online with criminals using the internet to obtain card details.
Alarmingly a third of card fraud victims (33 per cent) don't even know how they became a financial victim, with a third hearing directly from their bank (34 per cent) and six per cent being refused money at an ATM. A further six per cent found out when their card was refused at point of sale. Victims of card fraud reported the average amount stolen was £417 with one in 20 (four per cent) reporting losses of more than £2,000.
According to Nick Jones at the CPP blog it seems that younger people are most at risk. Card cloning or counterfeit fraud is the most dominant type of fraud. The research shows that: • 18-24 year olds tend to be the least security conscious overall only 37% checking their bank statements on a regular basis, verses 67% of people aged 65+,
• This younger demographic are also more likely to not shield their PIN number at an ATM and check an ATM for tampering, but let others shop online with their cards and share their PIN details with other people.
Top tips from CPP to help avoid being a victim of card fraud
1) Don't carry multiple debit/credit cards in a wallet – only carry the essential cards you need
2) Don't leave belongings unattended while shopping
3) Don't carry debit/credit cards loose in a bag or pocket
4) If your cards are registered with a Card Protection company make sure you have their emergency loss reporting number
5) Don't ever write down your PIN number
6) Don't let a shop assistant take your debit/credit card out of sight – they could be copied or cloned
7) Don't let someone else take money out on your behalf
8) Check your receipts against your statements when you get home
9) If you are concerned your cards may have been lost or stolen, contact your bank immediately to get the card cancelled
10) Make sure your bank has up-to-date contact details for you, including your mobile phone number in case they need to check if transactions are genuine.