Rise in counterfeit bank cards
Updated on 14 March 2007
Chip and pin may have reduced overall credit and debit card fraud, but the use of counterfeit cards is on the increase.
On the surface, the success of chip and pin cards looks like a victory over criminals - but the steep rise in the use of counterfeit cards to buy goods over the internet suggests otherwise.
It comes just a day after the government's information watchdog rebuked a string of high street banks for their lax security, including dumping customers' personal details in outdoor bins.
It comes just a day after the government's information watchdog rebuked a string of high street banks for their lax security, including dumping customers' personal details in outdoor bins.
Total card fraud is down from 439million 428 million pounds. This is overwhelmingly due to chip and pin which fraud in shops where its mainly used has been effectively halved 47 per cent.
So does this mean the tide is turning? Sadly not because, once one area becomes foolproof, criminals look for another to exploit. That's the internet.
So, fraud using cards on the internet or people buying things over the phone where customer can't be there to type in pin, its' called customer not present. that's UP by 16 per cent £212.6 million.
Another area online banking - most scams conducted from abroad risen by whopping 44 per cent 23.2 million.
But are the banks taking this seriously?
On one hand yes. We've had a sneak preview of Verify by Visa - customers given device that generates an exclusive number every time they shop online. This will be rolled out later this year.
Embarrassingly for the banks - these fraud figures come out on the day they've been named and shamed by the information commissioner being careless with our information.
Specifically they've been found leaving all details you need to conduct online banking fraud in bin bags on the streets outside their branches.
This first came to light last year. First time information commissioner Richard Thomas has described this as "unacceptable".
