Card fraud risks remain despite greater protections
Fri, 16 Apr 2010
Small business owners should be aware that debit and credit cards remain at risk from fraud, it has been claimed.
Jemma Smith, head of public relations for the Payments Council, said that both payment methods are potentially attractive to criminals.
However, she noted that since the introduction of Chip and PIN technology, payment cards have been much better protected from counterfeit transactions.
"We've also seen a big drop in card-not-present fraud... which clearly shows that work is being done with retailers and payments systems to make their presence felt," Ms Smith said.
She explained that customers now have two-fold protection, with innocent victims able to claim their money back unless they have been negligent.
Ms Smith noted: "You also have additional protection on your credit card under the Consumer Credit Act which means that unlike any other type of payment, if you get faulty goods or if the business goes bust you've got equal grounds for claiming the money back from your credit card company."
Earlier this year, life assistance company CPP reported that there have been three million new victims of fraud in the last two years.
Posted by Alex Boardman
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