Cloned Cards And The Return Of Cash

The rise of credit and debit card fraud, skimming and card cloning has increased the use of cash transactions after years of a slow move to the cashless society. In common with many places in the UK a nearby garage had been cloning customer cards and its more common to hear of people who get their card cloned and used illegally.Monopoly debit

My Dad had his replacement credit card stolen from within the postal system but was alerted by the credit card company after a series of non typical transactions started being made with his card and alerted him and subsequently cancelled the card. I’m always amazed that replacement cards are often sent in the post and without the need to sign for them. In many other countries a card holder would have to collect a replacement card from their bank branch and show proof of ID.

I’m still not one to carry about cash and have been cautious and/or lucky enough not to be the victim of card fraud myself to date. I am though seriously considering getting one of those pre paid cards in which you can load limited amounts of money electronically ,at the post office, pay point etc and use out and about and in situations where you may risk getting your card cloned.

This could be a prudent buffer between the main source of your funds and the potential for being card cloned. We were weighing up the pros and cons of each, all of which invariably contain a transaction or monthly charge but some seem very secure acting as temporary visa cards complete with cvv2 security numbers that change each time you add funds to the card which act as an added layer of security.

Of course it would be better if the banks implemented better security systems around the use of cashless transactions (some banks can text you details of each card transaction you make so you’re quickly aware of any unauthorised card usage) and that we all took adequate precautions when used but perhaps in the same way as we must take precautions with data and money management usage via our computers, we just need to become more cautious with how we use the various cashless payments cards available to us.

Photo by ame nielsen under this creative commons license

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One thought on “Cloned Cards And The Return Of Cash

  1. I agree with you about bad bank security. I was charged £1000 on my credit card bill which I had not incurred. When I asked about it, I was told someone had cashed the cheques I had been sent. I had never asked for these and had not been told they were being sent. They never reached me. Eventually, the charge was removed from my bill. How could someone other than me pass muster when cashing these cheques? How lax must bank security be?

    I think the banks are more interested in putting more and more credit into our pockets to their own financial benefit than in protecting us from fraud. They are prepared to accept a certain amount of loss through fraud because the profits outweigh it. Until the government forces the issue by perhaps penalizing banks for security breaches, the problem will continue.

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