No room for complacency in fight against fraudsters

Oct 15 2009 by Alan Brown, The Journal

DESPITE a recent fall in the level of fraud being committed on plastic cards across the country, both businesses and individuals should remain extremely vigilant against the threat posed by fraudsters.

This week is National Identity Fraud Prevention Week and, despite a 23% drop in card fraud in the first half of the year, there is no room for complacency.

Earlier this month industry body Financial Fraud Action UK said losses in credit card fraud totalled £233m in the first six months – down by 23% on both the first and second halves of last year.

However fraudsters may have turned to targeting foreign-issued cards, experts believe, with phone, internet and mail order fraud levels all dropped for the first time.

Meanwhile, online banking fraud losses rose to £39m, up 55% on the first half of 2008.

A recent poll revealed 81% of the British public were concerned about identity theft. Research also reveals that on average it takes 467 days to discover that you are a victim of identity fraud. The following is aimed at minimising your chances of becoming a victim:

Avoid carrying multiple credit cards and personal information in the same wallet or purse.

When using credit or debit cards, do not lose sight of the card.

Keep details of bank and credit card account numbers separate, together with contact details of relevant financial departments so that they can be contacted quickly.

When creating PIN numbers avoid the obvious.

Protect your PIN, never reveal it to unwanted sources and avoid the possibility of it being copied.

Never throw away financial transaction slips of any kind. Destroy, if possible shred, out of date financial information.

When using an internet facility ensure adequate protection to prevent hacking of your computer.

Alan Brown, chairman, North East Fraud Forum www.northeastfraudforum.co.uk