4th October 2017

UK card fraud falls

UK card fraud falls after banks tighten security and how to be vigilant against fraud

Banks are now claiming to stop 67% (£750 million) of attempted fraud leading to a sharp decrease in the amount of money stolen from debit and credit cards. The first half of the year showed a 11% decrease since last year according to UK Finance.
Banks have raised consumer awareness over how to protect their PIN numbers and passwords from potential fraudsters, while also tightening security systems.
This decrease in fraud comes despite the increase in mobile banking apps which makes it even easier for scammers. This led to Tesco bank having to repay £2.9 million to customers after thousands of bank accounts had been scammed.
What should you look out for and be wary of when it comes to being contacted by fraudsters? They will often claim there has been suspicious activity on your bank account. In some cases regarding the mobile banking apps, they can attempt to access your account by entering your mobile number into the app. The bank will automatically text your number to give you a code to gain access to the app, which the fraudsters will then ask for. Some banks have more recently put a message on the texts saying DO NOT give the code out, but it is something to remain aware of. In other cases, they will claim your account details need to be updated or verified so they will ask for sensitive information to verify it is your account. They can then access customer accounts and make card payments or online transfers.
The government will work with banks to continue to spread awareness to lower the level of card fraud even further.