Hurray! A crackdown on card fraud!

19 December 2014

creditcards Good news everyone - new rules have been revealed which aim to beat down on card payment fraud! Aren't you thrilled about that?

The European Banking Authority (EBA) has shared their new, tougher guidelines, making payment service providers get serious about customer identification before payments are processed.

There's good reason for this too - in the last four years, the yearly cost of card fraud in the UK has jumped up from £365 million to somewhere in advance of £450 million! Two thirds of that came from the dastardly practice of 'skimming', where small amounts of money are continually removed from an account in the hope that the victim won't even notice.

Of course, there's been an increase in digital snidery too, with ne'er-do-wells using malware and the like. There's also the tried-and-tested tactic of just nicking your card too.

Anyway, all this means is that you'll carry on as normal while fraudsters will have to learn a new set of tricks to try and get at all your precious money.

TOPICS:   Banking   Scams

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