BGN Entrepreneur » credit card fraud

Major Security Fear Over Chip and Pin Machines

Sky — Mon, 30 Mar 2009 23:10:42 +0000

A team of experts at Cambridge University have come up with a virtually foolproof way of stealing a consumer’s details. They reprogrammed a hand-held chip and Pin machine to allow them access to card details and Pins. It would be simple to swap their rigged machine for one in a store.
It is believed that this method could be easily replicated by the fraudsters. In theory, people could use this to steal account details from cards. So the experts have posted a video on the Internet as a warning.
The banking industry admitted that the situation is a worrying one and indicated that their own scientists are also working on ways of foiling the criminals. Experts from the payment organizations—the high street banks, are currently in discussion with the manufacturers of terminals to see what can be done.
However, this has only been seen in a laboratory so far. People might not be able to create counterfeit chip and Pin cards, but they could use this information abroad to make purchases.
Figures show that in spite of the potential problems, card fraud has declined ever since chip and pin was introduced. In the six months to last June, total card fraud fell by 5% to £209.3m.

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Selecting the Right Credit Card Service

Sky — Thu, 05 Feb 2009 18:14:24 +0000

The term of credit card is so familiar to almost everyone in the modern society. Credit cards are playing an increasingly important role in people’s life now. According to the figure from a survey last year, more than a million householders in UK have used credit cards to pay their mortgage or rent.
However, picking the ones with the cheapest service fee or transfer rate could not always be the best choice for everyone. For example, it has been warned that credit cards offering a 0% credit transfer could turn out to be anything but a bargain if holders miss a payment. Besides, there are various kinds of credit card traps out there in the field.
So, before, making up one’s mind to pick one credit card service, it’s very important for people to gather as much information about the service as possible and considerate cautiously. Some advice from the experts in the field could be very helpful.
Some websites, such as MonitorBankRates.com, are offering a whole range of relevant data concerning personal financial options. Check it out for more information on-line and pick the credit card service that suits your individual needs best!

Rise in Online Fraud

Sky — Mon, 20 Oct 2008 14:32:37 +0000

Just as every coin has its two sides, modern technology has its advantages as well as disadvantages. Although great convenience has been brought forwards by the Internet to the public mass, the amount of money loss caused by Internet fraudsters have already been revealed to reach a record high.
Due to the greater increase in the number of people shopping on-line, the online banking fraud, which is specifically targeting banking customers, has risen by 185% in the first six months of 2008 due to an increase in phishing attacks and spyware scams.
Nowadays, the phishing scams have grown much more sophisticated and convincing. They used to be easy to spot as they were littered with spelling and grammar mistakes. But now, the websites really looks like the real ones. As a result, the number of phishing incidents has quadrupled in the last two years. Under current guidelines, as long as a customer is not negligent or fraudulent, the bank must offer a refund. However, it has been revealed that in an increasing number of cases, banks are becoming much more reluctant to refund the victims to phishing scams.
On the other hand, credit card fraud also increased greatly by up to 14%. And there is increase in online, phone and mail order shopping frauds, which are known as “card-not-present” frauds.
To help tackle online fraud, the shoppers are urged to protect their computer with up-to-date anti-virus software and only use secure websites.