Banking and Financial News

Use common sense to minimise fraud risk, says Apacs - 04/02/2008

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Consumers using their credit or debit card to buy goods via the internet need to use common sense and take the relevant precautions to avoid falling prey to fraudsters, Apacs has warned.

The payments association said that although the online retail industry has provided a place for scammers to commit identity and financial theft, people who shop on the web should use their heads to be aware of such illegal activity.

Applying the same common sense when banking online as one would when conducting monetary affairs elsewhere may help consumers not to become complacent, said Apacs spokesperson Mark Bowerman.

"The analogy we always use is somebody knocking at your front door - and it's a man who says: 'Hello, I'm from your bank, please give me all your personal details'. You wouldn't do that in that situation, so why are people doing it in an online situation?" Mr Bowerman questioned.

According to the Office of Fair Trading, around £3.5 billion of consumers' money is lost each year to scams, equivalent to about £70 per UK adult.

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