Protecting Yourself From Fraud

All the time, new technology is being developed to protect people against fraud. Since the introduction of chip and PIN, retailers in the UK have 55% less loss caused by card fraud since 2004; it is much more difficult to fake than scrawling a signature.

What has been more difficult to control is sales over the phone, internet and mail order where the card is not physically present. It is no wonder that card fraud over the internet is on the rise because these days so many more people are shopping online; it makes up 55% of all CNP fraud (card not present).

There are some precautions you can take to protect yourself from card fraud. The most common cases are when your card has been lost or stolen, and the thief simply uses the details for buying goods or services from the internet. The other way is for your new card to be intercepted in the mail before it reaches you after being sent from your bank.

‘Skimming’ is the term used for when the data contained in the magnetic strip found on the back of your card is copied onto another card. A skimming device can be fitted at a cash machine or retail store.

A major concern in the UK is identity theft, which has been on the rise over the last decade. This is where your personal details are stolen from things like bank statements and utility bills, then used to open new bank accounts and order cards under your name. Existing accounts can also be accessed in this way.

To avoid incidences like these, keep your card in your sight at all times, especially when out in public at a bar or restaurant. You should also never give anyone your card details via email or over the phone, unless it is you who made the call in the first place. Our Spitalfields Escorts are particularly vigilant.

With your PIN number, you should just memorise it instead of writing it down anywhere. Choose a number that would be difficult for someone else to guess, avoiding memorable dates such as your birthday. You can protect yourself even further by choosing a different PIN number for each of your cards. When typing your PIN into a keypad, shield it with your hand so that neither cameras or eyes could see what combination of numbers you use.

When you receive a new credit or debit card, sign it straight away and destroy those that have expired. Also destroy any old bank statements or documents that contain personal details; shredding is the best method to do this safely.