What are the main types of credit card fraud?
Stolen or lost card: If you’ve lost your card or it’s been stolen, and it ends up in the hands of fraudsters, they can use it to make payments. Contact your provider and ask them to cancel you card as soon as you realise it’s missing.
Remote purchase fraud: This is where thieves steal your information and use your card details to buy items. This type of fraud accounts for the majority of credit card fraud.
Phishing: This is a type of scam where you’re sent an email or called to ask for personal information, such as your card details or security password or answers. It’s often sent by someone pretending to be from your bank and is done under a valid-sounding but invented reason, for example, a ‘customer survey’, or to ‘protect our customers against unusual activity on their account’.
You may also be asked to click on links to a website, from which viruses and other computer malicious software can be placed on your computer and used to steal your person details – this can result in identity theft.
Card skimming: Your card is passed through a machine that copies the card details. Skimming machines are small and portable, and can be used in restaurants or attached to cash machines.
Contactless card fraud: While some people still regard contactless payments with suspicion, contactless card fraud is relatively low. That’s because the technology limits the value of purchases, and the number of times the card can be used before a PIN is required. However, you should always be vigilant when using your card and keep a close eye on bank statements and your credit report, in case of any unusual activity.