Chip and Pin Pushes Card Fraud Overseas
More and more criminals are using forged cards overseas to avoid chip and pin
12th May 2006
Lloyds TSB has warned that criminals are increasingly making use of lower levels of technology overseas to commit credit card fraud.
The bank says that forged cards are being used in ATMs abroad, avoiding the chip and pin technology recently introduced to the UK.
It isn't yet known exactly how much this kind of fraud is costing, but one customer lost £3,000 from her account as a cloned card was used 19 seperate times in the Netherlands.
The fraud is possible because many foreign cash machines still rely on magentic strip technology which is much easier to forge than the newer microchip technology, requiring only a quick swipe through a forging device.
Lloyds say they have beefed up their security systems in response to the discoveries, and will also refund fraud victims.
Read More: BBC : Criminals take bank cards abroad
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