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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Tuesday 3rd April 2007
Fraud protection specialist firm the 3rd Man has said that while the recent credit card scam surrounding TK Maxx gives shoppers further impetus to keep tabs on their bank accounts, it should not be a reason for widespread panic in the UK.
Paul Simms, CEO of the 3rd Man, said: "If it's true that 45 million customers have had their cards compromised, that’s obviously very serious but fraudsters often obtain card numbers from a variety of sources. Provided security information has not been compromised then there is no need for wholesale panic."
The card crime expert explained that card numbers without pin codes, names, addresses or security numbers are of very little risk to criminal exploitation.
However, Mr Simms added: "It shouldn't come as a surprise to anyone that card crime continues to flourish and criminals will do all they can to shift their interest from one place to another. We saw it with chip and pin and the move to 'card not present' crime, such as over the Internet and mail order. Since then many retailers have put in place systems to prevent 'card not present' fraud from happening."
Mr Simms expressed hope that the news story would not prevent people choosing to shop online, saying: "It is extremely unlikely that your details will be compromised if you shop online. Furthermore most retailers use sophisticated screening techniques to spot fraudsters if they try."
He concluded: "Fraud need not be a problem, it will remain something we all need to be aware of, but it really should not cause anyone to lose sleep."
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