Credit card fraud has been a major inconvenience for many people all over the world and especially in the United Kingdom.
There has been a continued growth each year on credit card fraud which means that more and more people are being affected by scams and phishing techniques.
Any for of fraud is a very serious crime but with card fraud it actually produces two victims, the first being the customer who owns the plastic cards.
The second victim is the credit card company who has essentially been used to lend money to the wrong person and then charged the wrong person's bank account.
Last year the credit card companies implemented the chip and pin system and removed the use of signatures as these could often be copied and mimicked extremely effectively.
The new chip and pin system did cause a lot of controversy about how effective it would actually be to combat plastic card fraud.
Well this system has now been on the market for the past twelve months and the results appear to be excellent with credit card fraud actually dropping by twenty three percent within the United Kingdom.
Some people are attributing this too the recession and are saying that there were more credit cards in people's pockets last year so therefore there was more card fraud.
Whereas this year many people have cut their cards up and so there is less fraud because there are fewer cards.
This definitely is a valid point however it would only affect the numbers slightly.
What is apparent is that it has become much more difficult to commit credit card fraud with the new system as nobody knows what the pin code is but the owner of the card.
Obviously if they can be tricked or spied upon and the fraudster can obtain the pin number then fraud will still be committed, but this is quite a difficult thing to achieve, which is why fraud has decreased.
This is a major breakthrough for many people as the constant threat of credit card fraud made petty theft and the stealing of wallets a very popular business for many criminals to be in.
Now as it has become much more difficult for them to achieve an easy score, this means that the decrease in cards going missing will also decrease.
One thing is for sure is that fraudsters are constantly on the lookout for new ways to penetrate the systems and figure out new scams and cons to cheat people out of their money.
This means that the credit card companies need to be constantly on the lookout and developing new techniques to making the system as secure as possible.
Fraudsters still are targeting foreign cards that still do not use the chip and pin system but in time these will eventually follow suit and implement the secure system.
It means that credit card fraud at this moment is on the decline and hopefully it will continue to follow this trend.
There has been a continued growth each year on credit card fraud which means that more and more people are being affected by scams and phishing techniques.
Any for of fraud is a very serious crime but with card fraud it actually produces two victims, the first being the customer who owns the plastic cards.
The second victim is the credit card company who has essentially been used to lend money to the wrong person and then charged the wrong person's bank account.
Last year the credit card companies implemented the chip and pin system and removed the use of signatures as these could often be copied and mimicked extremely effectively.
The new chip and pin system did cause a lot of controversy about how effective it would actually be to combat plastic card fraud.
Well this system has now been on the market for the past twelve months and the results appear to be excellent with credit card fraud actually dropping by twenty three percent within the United Kingdom.
Some people are attributing this too the recession and are saying that there were more credit cards in people's pockets last year so therefore there was more card fraud.
Whereas this year many people have cut their cards up and so there is less fraud because there are fewer cards.
This definitely is a valid point however it would only affect the numbers slightly.
What is apparent is that it has become much more difficult to commit credit card fraud with the new system as nobody knows what the pin code is but the owner of the card.
Obviously if they can be tricked or spied upon and the fraudster can obtain the pin number then fraud will still be committed, but this is quite a difficult thing to achieve, which is why fraud has decreased.
This is a major breakthrough for many people as the constant threat of credit card fraud made petty theft and the stealing of wallets a very popular business for many criminals to be in.
Now as it has become much more difficult for them to achieve an easy score, this means that the decrease in cards going missing will also decrease.
One thing is for sure is that fraudsters are constantly on the lookout for new ways to penetrate the systems and figure out new scams and cons to cheat people out of their money.
This means that the credit card companies need to be constantly on the lookout and developing new techniques to making the system as secure as possible.
Fraudsters still are targeting foreign cards that still do not use the chip and pin system but in time these will eventually follow suit and implement the secure system.
It means that credit card fraud at this moment is on the decline and hopefully it will continue to follow this trend.