Can you Afford to be a Victim of Credit Card Fraud?

Have You Ever Been a Victim of Fraud?

Card Fraud, Sean Macentee

Photo By Sean Macentee

Fraud is one of those things that people today are constantly worrying about.  Whether it is card or identity fraud, everyone is concerned that one day they will become the poor target of those that have no conscience.

It has happened to me.

A few years back, just before a trip to Mexico, I became one of the victims.  Ironically, I had done everything right to try and protect myself.  I had notified the bank of my travel plans; I had made sure that my cards were with me at all times and that no-one saw me entering my pin.  Yet still someone out there had managed to get my details.

How was that even possible?

It turns out that they didn’t even need to have possession of my card. 

Unfortunately we have become a world that does everything on-line.  From food shopping, booking travel to Christmas shopping – we can sit in the comfort of our own homes without the need to go out into the real-world and spend a small fortune.

Now, I am not saying that these sites are not secure, please don’t read wrongly into this.  What I am simply saying is that as long as the fraudsters have the right information they no-longer need that little piece of plastic.

According to a survey completed by USP, 51% of all purchases are now done over the web, with a further increase of people growing in confidence to purchase using their mobile phones.

I bet that of this 51% nearly everyone shopping online has protected their computer or mobile device again hackers and fraudsters, but what if it is already too late.

What if these fraudsters have already gained your information without you even knowing about it.

Fraudsters Are Intelligent

Having worked in the finance industry for many years, I often use to hear my customers complain about how stupid they thought fraudsters were.  How, if they really were intelligent they would go out and make an honest living.

How wrong is that assumption?

According to Experian, fraud costs the UK economy alone £193 billion each year.  That is the equivalent of £6,000 being lost every second of every day.  Out of this, £9.7 billion is lost to fraud against individuals, with identity fraud being the number one cause of this lost.

To me, this highlights that fraudsters really are very intelligent.

So How Can We Protect Ourselves?

When it comes to your cards, it is no longer a case of simply keeping them on your person all the time.  Obviously this does help but fraudsters have evolved.

With the advancements in technology, many card providers now send out contactless cards which are great for today’s fast-paced lifestyle.  However, this also opens us up to potential fraud.

Anyone who carries a contactless card around with them are unfortunately susceptible to fraudsters using skimming devices to clone and read their details.  In less than 10 seconds, a fraudster can scan and steal your credit card number, expiry date, pin entry data and transaction history. 

How scary is that?

How Can you Protect Yourself Against this Type of Fraud?

Zazu Gist, ATM, Card, Fraud

Photo By Zazu Gist

As travellers, we know that we are prime targets for this type of fraud.  Why?  Well, we can often be found boarding a plane to a new country in search of a new experience which must be a real nightmare for our bank.

How can they possibly keep track of where we are?

My concern is then heightened when I read about the scams that are run in many countries aimed purely at the tourist. 

From fake payment terminals, to helpful locals at the ATM machines wanting to make sure you don’t get caught out having to pay the local charges, to cashiers hoping to confuse you with your change you need to constantly be alert.

Many of these can be prevented by making sure that you are self-aware of what is going on around you; not getting distracted by others who are no doubt part of the scam.

But due diligence only goes so far, can we really protect ourselves against technology?

The simple answer is YES.

How to Eliminate the Threat of Data Theft and Contactless Card Fraud

Whilst our initial thoughts will always be to protect our money, after all we have worked hard for it; we also need to think about the wider implications of our card details being scanned.  This simple act can not only lead to your bank account being significantly lighter, it could also result in your whole identity being taken by another.

But before we all go into panic mode, companies who have got wise to this are beginning to create products to help us.

“The problem is pervasive and there is a real opportunity for manufacturers of clothing, wallets, and bags as well as payment, loyalty and building-access cards to weave security into their product design,”

(Julian Ghail, founder of RFIDCLOAKED)

Julian is the founder of a new start-up RFIDCLOAKED  which has created an ultra-thin, super light, completely flexible contactless card theft protector.

RFID CLOAKED, card protection

RFID CLOAKED technology

Being the size of a business card means that you can slip this little gem into your purse or wallet in order to become completely protected against those pesky fraudsters.

RFIDSecur is a low-cost solution to protecting you against ID skimming devices.  Whether it is your debit card, credit card or your oyster card, this company are guaranteeing protection against fraud.

Not convinced?  Perhaps this video will help.

Best Way to Use RFIDSecur

One RFIDSecur card will protect two contactless cards, simply place it in between the cards you wish to guard against fraud whilst two RFIDSecur cards will secure up to five contactless cards.

It really couldn’t be any simpler.

At only £14 for two cards it is also one of the cheapest forms of protection I have come across.

rfid cloacked technology

So what are you waiting for?  Still not convinced?  Why not take a look at the RFIDCLOAKED website for yourself where you will find even more data and details of this flexible piece of fraud protection.

For me however, after more than 10 years in the finance industry seeing people crumble after a scammer has drained their bank account, I need no more convincing.

Have you ever been a victim of fraud?

Note: This is a sponsored post and I did receive a complimentary product in order to try for ourselves.  However, all words and views are my own and I did indeed work in banking for more than 10 years so everything I have said here is completely true and not distorted

16 Comments

  • I’ve had my card cloned before and it was crazy. I couldn’t work out how or when it had happened but within seconds they’d spent a lot of money. The bank was extremely helpful which was very lucky. These cards sound brilliant in helping! x

  • Kara Guppy says:

    I do worry with all this contactless technology we are at more risk of fraud, this looks a good idea

  • Marie Barber says:

    Thankfully we never have, although someone was caught trying to use our details, they called up the credit card company but couldnt answer the security questions, what a silly thing to do so we were sent a new card and number!

  • Last year, i went to use my card and it just wouldn’t work. I rang my bank up and apparently they had blocked it because there was strange activity. Someone had tried to take 1p via google. But my bank says that fraudsters normally do this, to see if you noticed, and if you don’t they will then clear your account out.

    • I have heard this too. They start small and then do a large one off traction. I have also heard of some fraudsters who keep skimming smaller amounts from your bank account each week. It is why checking your bank statements is so important. When I worked in the bank we had someone come in that had been skimmed for five years without noticing because they never opened a statement. It went into the thousands but because of their neglect we could not do anything to help. The bank expects due diligence from the customers as much as we do from them.

  • Great post. I keep hearing lots of things about fraud and it is a scary thought 🙁 Great tips ..

  • Sounds like a a good failsafe. We’ve never heard of RFIDCLOAKED but will go and check them out. Online fraud is more common than people think!

  • This sounds great. I got screwed over recently through card cloning at an ATM which has made me more vigilant – I’d always assumed they needed your actual card to commit ATM fraud, so I was checking my statements for suspicious online activity rather than small ATM transactions. I’ve learned my lesson though!

    • There are so many different way scammers get hold of your details nowadays it is worrying. I know we will never potentially be able to protect ourselves fully from everything because by the time a new scam has been discovered they are already onto a new idea but I am willing to try anything that puts a blocker in their path!

  • My husband, yes! We just came back from Africa, went to the bank to withdraw some money and got the shock of our life when they said we had nothing in the account, when we actually had over ten grand in there. In fairness to the bank, they did sort it out after a few days. But yes, it was shocking and upsetting!

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