Keep it secret & shred it to fight fraudsters

Customers and banks need to work together to fight financial fraud Angela Knight , chief executive designate of the British Bankers’ Association (BBA), said today.

She urged individuals to take greater care of their financial information and said the watch words for individuals and the industry alike need to be, 'When you use it - keep it secret. When you are done - shred it.'

She said her Ten Top Tips to Foil the Fraudsters are:

Don’t let your cards or your card details out of your sight when making a transaction.

Destroy, preferably shred, any documents or receipts that contain personal financial information when you dispose of them.

Do not keep your passwords, login details and PINs written down.

Do not disclose PINs, login details or passwords in response to unsolicited emails claiming to be from your bank or the police.

When entering your PIN in a shop or a cash machine use your spare hand to shield the number from prying eyes or hidden cameras.

Only divulge your card details in a telephone transaction when you have instigated the call and are familiar with the company.

Make sure your computer has up-to-date anti-virus software and a firewall installed.

If you have registered your card for online protection via Verified by Visa and MasterCard SecureCode ensure your password is kept safe and secure.

Access internet banking or shopping sites by typing the address into your web browser.
Never go to a website from a link in an email and then enter personal details.

Shop at secure websites by ensuring that the security icon (locked padlock or unbroken key symbol) is showing in the bottom of your browser window.

And remember, cash cannot be called back: it is safer to pay by card or cheque because, if they are stolen, a stop can be put on them. If someone steals cash from your purse or wallet, it's gone.

Angela Knight said: "Everyone has a responsibility to fight financial fraud. The banks have a duty to protect their customers and to keep information safe. They are good at it but isolated incidents can crop up. These are fully investigated and procedures changed where necessary. But people have to take responsibility for their own security too.

"Too often you see people just throw away in the bin the kind of information fraudsters can use. They leave PIN numbers lying around or write them on their cards. We've all heard people talking too loudly on their mobiles in places where anyone could overhear personal details. And, especially in the run up to Christmas when more and more of us will be doing our shopping online, people need to use sites which are protected so your identity can't be stolen and copied.

“The chances of becoming a victim of card fraud remain low (fraudulent transactions make up 0.141% of all transactions). If you are unlucky enough to be a victim you will not suffer any financial loss as a consequence providing you have not acted fraudulently or without reasonable care.”

Total card fraud in the UK reached £439.4m in 2005, a reduction of 13% on the previous year.

Around £1.2m is lost to card fraudsters everyday.

An incidence of card fraud takes place on average every 9 seconds in the UK.

Fraud on lost or stolen cards totalled £89m in 2005 and counterfeit card fraud £96.8m.

These two types of fraud, accounting for just less than half of the UK total, are being tackled head on by chip and PIN.

The biggest fraud type in the UK is card-not-present fraud, which cost £183.2m in 2005. This is fraud on cards used over the telephone, Internet or for mail order.