25 September 2017
visit www.ncr.com

Brits risk card fraud with slack security

21 May 2008  |  9806 views  |  0 credit card

Around half of Brits are leaving themselves wide open to credit card and bank account fraud due to slack security practices, according to a survey conducted by UK consumer association Which? Money.

Which? says about half of the 4,119 people surveyed admit to using the same PIN number for more than one card. This contrasts with research from price comparison Web site Moneysupermarket last month which found that only a quarter of cardholders use the same PIN number for all their credit and debit cards.

According to the study, around one in two customers don't check that a Web site is secure before shopping online or used their mother's maiden name as a password. One in seven even admit to writing down PINs and passwords.

However, some people are taking some precautions, with most of those questioned hiding their PIN from potential 'shoulder surfers' at cash machines, checking their statements for rogue transactions and ripping up or shredding documents.

A third of those surveyed by Which? said money had been fraudulently taken from their credit card or bank account. However the "vast majority" got all the stolen money back. The consumer group says this seems to suggest that ID theft insurance is "unnecessary for most people".

"By taking a few basic precautions, people can significantly reduce the risk of fraud - without buying unnecessary insurance," says Martyn Hocking, money editor, Which?

The advice from Which? comes as police in Ireland investigate a card fraud incident which saw the theft of around EUR1 million from 300 bank accounts.

According to local press reports, criminals paid shop and restaurant workers up to EUR10,000 to skim cards and obtain PIN numbers through shoulder surfing.

The criminals used the information to clone cards before withdrawing cash in countries across Europe, including Italy, Romania and Spain, between the end of April and beginning of May.

UK payments association Apacs released figures in March showing industry losses from plastic card fraud jumped by 25% to £535.2 million last year, driven by a hefty 77% rise in fraud committed on UK cards abroad.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Card fraud threatens development of European payments network - EC

Card fraud threatens development of European payments network - EC

28 April 2008  |  10418 views  |  0 comments
Brits struggling with PINs - survey

Brits struggling with PINs - survey

22 April 2008  |  8644 views  |  0 comments
Card fraud abroad pushes UK losses up 25%

Card fraud abroad pushes UK losses up 25%

12 March 2008  |  8124 views  |  0 comments
Apacs and petroleum industry in card fraud prevention initiative

Apacs and petroleum industry in card fraud prevention initiative

01 November 2007  |  7731 views  |  0 comments
Jump in card fraud abroad drives up UK losses - Apacs

Jump in card fraud abroad drives up UK losses - Apacs

03 October 2007  |  7338 views  |  0 comments
UK tops Europe for card fraud

UK tops Europe for card fraud

21 November 2006  |  11277 views  |  0 comments
Chip and PIN boasts 31% drop in counterfeit card fraud

Chip and PIN boasts 31% drop in counterfeit card fraud

10 October 2005  |  9172 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.vasco.comvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13768 views comments | 29 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10553 views comments | 14 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8742 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8705 views comments | 19 tweets | 27 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8460 views comments | 1 tweets | 2 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job