New rules have been announced for the reporting of credit card fraud in the UK, designed to give consumers a more direct line of enquiry if they fall victim to fraud.
Under new regulations that came into effect as of the beginning of April banks, will become the first point of enquiry for all card fraud offences, including online fraud. Following this the banking institution and not the consumer would be required to report the crime to the police.
Previously, consumers were required to report fraud to their bank, then to the police, then pass on any details from the police back to their bank.
These regultations come in light of the recently introduced Fraud Act 2006 and are intended to limit the level of bureaucracy involved in credit card fraud. The government hopes that the new rules will give consumers better confidence over the protection of their credit cards.
Figures from Apacs reveal that over 700,000 cases of card fraud took place in 2006 at an average cash loss of £608. The group also reports a decline in total card fraud losses of three per cent over the past year.
Some criticism has been raised that fraud, as a criminal matter, should be dealt with primarily by the police before banks are involved.
News Side
New rules to fight credit card fraud
Tue, 03 Apr 2007
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