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Credit card fraud becoming more sophisticated

Thu, 01 May 2008

According to reports in the credit card news, consumers need to report any type of suspected credit card fraud immediately or risk losing their money . With credit card fraud becoming more and more sophisticated, a few hours of being unaware is all it can take for thieves to swoop.

The fraud and regulatory compliance director at Experian, Helen Lord, reportedly commented that those that identify credit card fraud and report it instantly are more likely to avoid any long-term problems.

It is those that are unaware, Lord said, who often lose out even more as criminals take out further cards and even personal loans in their names. Lord was reported as commenting; "Failure to act straightaway could allow a thief to take out loans or credit cards in your name, and the longer the fraud goes undetected, the more damage it will cause to your credit rating ."

The UK payment association, Apacs, agreed with the statement.
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