Credit Card News Apacs Report Credit Card Fraud Direct To Bank 18107160

Apacs: Report credit card fraud direct to bank

02 April 2007
As the scale of the credit card fraud suffered by TK Maxx customers becomes apparent, UK payments association Apacs has announced new rules on reporting card, cheque and online banking fraud.

Customers can now take concerns direct to their banks, instead of reporting their suspicions to police, ensuring that banks act fast to freeze potentially affected accounts.

The regulations, which came into effect on April 1st, place the onus on banks and building societies to report fraud to law enforcement authorities.

Previously, customers had to approach their bank, then speak to the police, and finally report back to the bank with additional information the police had provided.

While cheque fraud losses fell by 24 per cent between 2005 and 2006, losses from online banking fraud increased by 44 per cent over the same period.

Fraud on the web cost customers and financial institutions £33.5 million last year alone.

“The threat of fraud is, unfortunately, a part of our daily lives,” commented Apacs director of communications Sandra Quinn.

There were just over 700,000 cases of card fraud in 2006, according to Apacs statistics.

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Written by Editorial Team