Fraud is on the Increase, According to The Debt Counsellors

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UK bank account holders are increasingly becoming targets for criminals who operate overseas.

In the past year there has been an incredible increase of 25% in fraudulent activity aimed at UK residents from overseas criminals. According to figures released by APACS, the UK Payment Association this figure equates to £535.2m being stolen by unseen criminals. Many of whom will try a number of different methods to collect the details required. Once they have the account or card details they can transfer money quite easily, especially to some overseas countries that do not operate a Chip and Pin system.

Because of this lack of security overseas, more and more criminals are resorting to various methods to gain these details, such as placing electrical reading machines at cash points or retail outlets, physically steeling the actual account details or telephoning people offering them incentives under fault pretences.

John Porter from The Debt Counsellors, an Independent Financial Advisers, said ' it's becoming more and more common for people to be victims of these overseas crimes. In this day and age when paying on plastic if so convenient, it's not very difficult to collect details and use them. I myself, had £17.50 taken out of my account 15 times in 1 day, all to a company in South Africa. My details where stolen via a local garage where I got my petrol, so you just never know when you will fall victim'

APACS also stated that Online banking fraud losses are actually fallen 33% to £22.6 million on the 2006 figures, and is falling year on year even though phishing (the attempting to defraud using computers)incidences have almost doubled in the last 2years. Overall fraud crime in the UK is dropping as developments in our own banking systems have greatly reduced fraudulent crime.

John went on to say ' These figure show that the developed world is reducing the amount of fraud, but other countries are still behind when dealing with technologies. Its a worry, mainly for the banks, I got my money back but had to wait 3 weeks, which isn't convenient if you are struggling to make ends meet anyway'.

With so much pressure on people to find money with credit crunches, interest rates increases and with the risk fraud causing cash flow issues, some maybe advised to reduce their debts sooner and use good old fashioned cash!

To find out more about how The Debt Counsellors can help reduce your debt burden and how to become debt free in 36-60 months, please call: 0800 018 6018 or visit http://www.debtcounsellors.co.uk.

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Kevin Aston
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