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Innovation

U.K. Bank card fraud hits highest level since 2009

As cyberattacks rise, consumers bear the consequences.
Written by Charlie Osborne, Contributing Writer

Shoulder-surfing, cameras that capture PIN codes, devices which scan card details -- using the ATM, while convenient, is not always safe.

In the U.K., card-based fraud has hit its highest half-yearly level since 2009, and approximately £216 million of consumer cash was lost in the first six months of this year. While still below a peak rate of £304 million in 2008, according to representatives of the financial services industry Financial Fraud Action, it is still a 17 percent increase year-on-year.

The methods used to con consumers out of their money vary. Some criminals pose as bank fraud investigators, others look over your shoulder when you use an ATM, and some will call you posing as online stores, banks and online shops to try and con you out of your PIN code and card details.

Detective Chief Inspector Dave Carter, head of the Dedicated Cheque and Plastic Crime Unit commented:

"The move towards these low-tech crimes of deception highlights the importance of consumers knowing how they can protect themselves. Whether victims are targeted on the phone or online, we know that these professional conmen are highly persuasive."

While these methods have risen by 23 percent, more technologically advanced ways -- including card skimming and camera use has jumped 15 percent. In addition, ID theft rates have risen by 24 percent.

Via: BBC

Image credit: Flickr

This post was originally published on Smartplanet.com

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