Consumers warned on growing card scam - Credit cards - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Consumers warned on growing card scam

Consumers warned on growing card scam

Category: Credit cards

Updated: 21/10/2009
First Published: 21/10/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers have been warned to keep their wits about them as an old phone scam has recently risen in popularity.

The UK Payments Administration has called on the public to be on guard as fraudsters are increasingly trying to dupe unsuspecting cardholders into handing over their cards and all important PIN number.

The con involves the caller pretending to be either the bank, card company or even the police, saying their records have flagged up fraudulent activity on the card holder's account.

The fraudster then asks the victim to write down their PIN and place in it in an envelope with their card which is then picked up by a courier, which is genuinely hired by scam artists.

Having unwittingly handed the card over, the fraudster is free to use the card, withdrawing funds from cash machines.

"Fraudsters have been targeting particular groups of cardholders. So far some of the victims have included pensioners and members of the Asian community. However, what is now clear is that the scam is becoming more widespread," Katy Worobec, Head of Fraud Control, Financial Fraud Action UK said.

"You should never disclose your PIN or any personal financial information as a result of someone cold-calling you over the phone – wherever they claim to be from.

"If you have any doubts when approached in this way, you should hang up the phone and call the organisation back on a number that you know is correct. If you think you have already been a victim of this scam, contact your bank or card company immediately."

Find the best credit card for you - compare credit cards

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Credit card mistakes cost borrowers £948m

At this time of year, many people could be turning to balance transfer credit cards in an attempt to overcome their Christmas debt. However, many of these borrowers could get caught out in the year ahead, and they could end up paying for it.

6 of the best balance transfer credit cards

Does the thought of opening your credit card bills fill you with fear? If so, you're not alone! Christmas may be over, but unfortunately, many people will still be paying for it, after turning to credit to cover the cost of their festive spend.

Get a better credit score for the New Year

A new year means a fresh start, and one of the best things you can do is take a cold, hard look at your finances – particularly when it comes to your credit score.