For free debt advice from Debt Advisers Direct


RMIF: Businesses should protect against credit card fraud

19/08/2008

One danger of credit cards is the possibility of fraud, which can lead to credit card debt for innocent victims.

The Retail Motor Industry Federation (RMIF) has said credit card fraud is still on the increase and businesses need to do more to protect consumers and themselves.

A 25 per cent rise was recorded between 2006 and 2007, with total fraud losses amounting to £535.2 million. Counterfeit card fraud – which involves stolen details being used to make a fake credit card – accounted for £144.3 million of this according to figures from the Association for Payment Clearing Services, cited by RMIF.

Ray Holloway, RMIF director of independent membership, said Chip and PIN has reduced fraud but more needs to be done.

"With fraudsters still more than active, the RMIF urges all its members who have not done so already to upgrade to Chip and PIN," he said.

Victims of credit card fraud may be able to claim compensation.

---

Related:



ADNFCR-667-ID-18738419-ADNFCR

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according
Fill in our form, an expert will call you back
Title:
First name:
Surname:
Telephone 1:
Telephone 2 :
Email:
Tick this box to indicate that you've read and accepted the Privacy Policy
Debt Advisers Direct © 2011 All rights reserved. Debt Advisers Direct is a trading style of Freeman Jones Limited.
Carlton House, Vere Street, Salford M50 2GQ. Company registration No. 4348410. Registered in England and Wales. Consumer Credit Licence No: 0520486