Credit Card Fraud

Our Online Card Buys *

	Typical APR Variable	Max Int Free
	8.5%	56 days
	15.9%	56 days
	15.9%	56 days
	15.9%	59 days
	15.9%	50 days
* Based on Lowest Standard Rates and is not a full search of the whole market

More Credit Card Tables

 

Credit card fraud cost the banking industry £504.8 million in 2004 but the introduction of chip & PIN knocked that figure sharply lower in 2005. While the ultimate financial cost of credit card fraud is usually carried by the banks, the impact on you in time, inconvenience and frustration can be considerable. There are different types of credit card fraud:

Lost or stolen credit card fraud - your credit card is taken from you, intercepted on its way to you or you lose it. Fraudsters then subsequently pose as you, using the card until you report the loss.

Skimming - a counterfeit credit card is created using your card number and details the data on your credit cards magnetic strip will be copied onto the fake card. To help protect against skimming you should not let your credit card out of your sight.

Card not present fraud - any distance shopping, by internet, phone or mail order can involve this kind of credit card fraud if criminals have your card details. This is the single largest type of credit card fraud now taking place.

Identity theft - this credit card fraud can be the hardest to discover. Criminals will use fraudulently obtained personal information to open credit card accounts in your name or to take over your existing accounts. In the former case, you may only find out about these other accounts when you apply for fresh credit yourself and get turned down!

How flexible and how friendly is that piece of plastic in your wallet or purse? Find out with Moneyextras credit card comparison service.

Last Updated: May 2007 © Moneyextra.com

MoneyExtra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.