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Credit Card Fraud

Stolen cards / Fraud

Fraud is common. Your card could be used by someone else relatively easily.

While retailers should always check your signature, tests have shown that even bad forgeries usually get away with it.

You're normally liable for any losses up to £50 until you report your card lost or stolen.

Your card can be used fraudulently on the phone just by someone knowing your name, the number and expiry date. This could be easily obtained from a carbon copy of a transaction taken from a bin or whatever. So be careful how you dispose of these.

An unscrupulous trader who you've used the card with could do the same so bear that in mind when deciding to use it - rather than cash - in somewhere less reputable than usual.

Skimming is copying your card details for forging onto a false one ie you don't know it's been used until you get your statement. The average stolen on a card is £2000.

Skimming can be done quickly with a small gizmo - which could easily be hidden in a waiter's pocket. It's made possible by the continued use of magnetic strips rather than microchips in most credit cards.

To minimise your risk:

  • Fill in the card receipt fully, drawing lines through empty boxes ie so the amount can't be changed etc.
  • Always keep your card in sight.
  • Tear up the carbon copies and dispose of carefully

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Credit Card Guide Full Contents

Internet card fraud

This is less commonplace than imagined. It's easier for fraud to happen as a result of telephone transactions.

What does seem to happen is errors on websites whereby customers credit cards and personal details are revealed to the world in all their naked glory.

This has even happened on the Consumers Association website - so who's perfect?

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Credit Card Guide Full Contents



Credit Card Guide

What is a credit card... The usual terms... How to apply for a creditcard

Interest and Credit Cards... Low interest credit cards... When does the interest charge start... How interest is calculated.. How to get interest-free credit... The APR and Credit Cards...

Introductory deals / special offers... Crad Introductory interest rates...

Card Purchase protection... Faulty goods... Anti fraud guarantees... Emergency cards / cash... CreditCard Protection... Stolen cards / Fraud... Internet crad fraud...

Reward schemes... Cashbacks... Cash withdrawals... Holidays and your card... Free Travel Insurance...

Never heard of the card issuer?...

Minimum payment amounts... Credit Card Statements... Annual Fee... Late Credit Card payments... Credit Limit...


All material UK Credit Card Guide and Information © Moneysorter Ltd 1999 - 2013 | Author: By Ed Parry