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Credit card reporting rules hailed

Wed, 27 Jun 2007

The new rules for reporting credit card fraud have been hailed as a positive step by one industry body.

Before the recent change, credit card users were required to contact the police directly with information relating to any incidents of fraud, but now they must contact their bank, which will in turn notify the relevant authority.

This is a "very sensible development", according to the credit reference agency Equifax.

Neil Munroe, the external affairs director of the company, said that the new system will be more effective when it comes to reporting incidents of this nature.

"I think it's a recognition that there needs to be a more effective way of reporting credit card or other types of fraud to the authorities," he remarked.

He added that the new measures recognise the fact that police forces are already burdened with the various pressures they face, which this move may alleviate to some degree.

The new credit card reporting changes were announced earlier this year by Apacs, the UK payments association.


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