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Newsletter

Credit card fraudsters "haven't gone away"

By Sarah Engle, Wed 6 Aug 2008 - Published in Credit Cards

Despite chip and Pin systems being introduced throughout the UK, credit card fraudsters are still at work, consumers are being warned.

Equifax's external affairs director Neil Munroe discussed the matter following the charging of 11 people in the US who have been accused of stealing over 41 million debit and credit card numbers.

He said that where Pins are not used, such as in shops abroad, criminals can steal someone's data and convince a retailer to sell them something over the phone. This is known as "card not present" fraud.

Mr Munroe described this as a "weak point" of the system and one which thieves were exploiting.

"Fraudsters may take your information and use it abroad in countries where there is no Pin," he explained. [They] have not gone away."

According to Apacs, losses via debit and credit cards increased by 25 per cent last year, taking the total up to £535.2 million.