Mar 12 2008
Plastic cards frauds on a high
March, 12
The plastic money is making news this time for a whopping 25 per cent rise in its false use in UK. These debit and credit card frauds have jumped to a great level in the past three years. Even the banks suffered a loss of £535m by the use of such stolen or counterfeit cards.
These cases of fraud use of UK credit cards were recorded at a high in overseas, where those cards were used to buy products through internet, phones and mails. The banks suffered a loss of £208m this year by the fake use of these cards in overseas.
It was noticed that the chip-and-pin technology has proved to be help in reducing this growing fraud. With the launch of this new card such frauds will have an adverse effect. Meanwhile those countries where this technology is still not available, there the criminals are getting away with their fraud acts.
Meanwhile the banks are planning to bring out the chip-and-pin cards all over the Europe by 2010. This move will curb all such card frauds and would help the baking sectors to lower their losses by such fake cases.
