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Chip And Pin Fraud On The Increase

News that police have broken a major crime ring in the Midlands has brought to light a new and frightening trend in the area of fraud. It has been found that fraudsters and criminal gangs are targeting chip and pin machines in a variety of retail outlets - with garages among the more popular. While the police are unsure of the figures involved they believe that significant amounts of money have already been stolen.

The scam often involves a member of staff at the outlet who will let the fraudsters to insert a very small reading device into the existing chip and pin readers. This allows the scammers to read each and every card which is put into the slot and take the relevant details. The cards are then cloned and used abroad to withdraw cash as many overseas countries do not use chip and pin security.

It seems that each and every attempt to get one step ahead of the fraudsters is doomed to failure with millions of pounds being siphoned out of the system each year. The first thing many victims know about the fraud is when they are contacted by their bank or Credit Card Company or receive their statements. While many are covered by a variety of insurances there will come a point when the financial companies will look to reduce their compensation exposure and pass some of the cost onto customers.

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