Chip & Pin - Fraud figures up

Plastic card fraud has soared to its highest ever level as foreign-based criminal gangs target British consumers.

Eighteen months after chip and PIN became compulsory, credit and debit card fraud is up by more than a quarter, according to banking industry figures published today.

The £263.6 million total in the first half of the year is the highest six-month figure on record and puts it on course to break the £505 million annual peak in 2004.

However, one fraud expert said this figure was only the tip of the iceberg and that the true total could be closer to £1 billion.

**Chip & pin was a winner for the banks from day on. From the moment it was dreamed up the public were bombarded with the idea that it was uncrackable, unbreakable and 100% secure. In short fed total bullshit.

The best part for the banks is that if the card is scammed/stolen they pass the blame back onto the customers.

Security expert Professor Ross Anderson said the APACS figures were "highly suspect" because they did not include how much of the fraud bill bank customers were being forced to pick up themselves.

He said: "The banks are pushing like mad to get customers to pay for fraud."

Tags:Chip & Pin
Banking
Finance
Fraud

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