Safeguard Your Cards from Fraudsters

59/03 7 May 2003

SAFEGUARD YOUR CARDS FROM FRAUDSTERS

Plastic card crime cost the UK economy more than £420 million in 2002.1 As the threat of credit and debit card fraud increases, Lloyds TSB is encouraging customers to take steps to protect themselves against fraud.

Lloyds TSB is joining forces with other banks and retailers to fight debit and credit card fraud. May sees the beginning of a trial to introduce chip and PIN card technology which will change the way that consumers shop. When paying for goods and services over the counter, cardholders will key a four-digit PIN number into a specially designed PIN pad instead of signing a receipt.

The new technology is being launched in Northampton in May. The system will be gradually introduced throughout the UK.

David Cooper, head of risk for Lloyds TSB credit cards, said: “This technology has the power to drastically reduce card crime. As only the true cardholder will know the number, it will be much more difficult for fraudsters to counterfeit cards. Paying for goods will also be a lot speedier once people get used to keying in their PIN.”

Whilst the introduction of chip and PIN technology will help to reduce card fraud there are still ways to protect yourself now and in the future. Lloyds TSB is offering its top tips to ensure that you don’t fall foul of fraudsters:

 Always keep an eye on your card - don’t let it out of your sight when making a transaction  When using a cashpoint, make sure that nobody is looking over your shoulder whilst you enter your PIN more/… SAFEGUARD YOUR CARDS FROM FRAUDSTERS…/2

 Never write down or tell anyone your PIN number  Dispose of bank statements, and card receipts carefully – shred them if possible  Sign new cards immediately and cut up old cards as soon as the new ones become valid  Don’t keep your cheque book and cards in the same place  Check receipts against bank and credit card statements to make sure that the transactions match. Report any unfamiliar transactions to your card issuer immediately.  Contact your card issuer immediately to report lost or stolen cards.

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Notes to Editors:

1Source: Association of Payment Clearing Services

For more information: Amy Davies Lloyds TSB Press Office Tel: 020 7356 1714