Credit Card News HSBC Fraud Still An Issue Despite Increased Security 17108177

HSBC: Fraud still an issue, despite increased security

04 May 2006
Leading high street bank HSBC has said that the increase in security surrounding credit and debit cards should not been seen as an invitation for cardholders to become more lax with their personal security.

As of February 14 this year, high street shops have reverted to a Chip and Pin system for plastic transactions rather than the previous method of signing for purchases, which was susceptible to fraud.

Through technological advances like Chip and Pin, cardholders should feel safer about using their cards, says HSBC, but they should not take security for granted.

“Customers need to be vigilant every time they make a transaction,” urged Neil Brazil, a spokesperson for the bank.

Mr Brazil also added that there was plenty of information available for those that were concerned about preventing fraud.

“There are various industry bodies that you can go to for advice,” he said.

Card fraud for high street purchases has dropped sharply, even so soon after Chip and Pin has been universally introduced, say industry observers. Banks are hopeful that they can do everything possible to try to remain one step ahead of the fraudsters.

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Written by Editorial Team