Fraudsters Dream Up New Credit Card Scam
There is a strange new fraud sweeping the UK which actually involves paying off the debt on a cloned credit card. Sound mad? Read on.....
This new fraud is fairly ingenious and one which the banks have thankfully spotted before the Christmas rush. In essence it involves a cloned credit card (which the owner does not know has been cloned) and the fraudster going into a bank to actually pay off a large chunk of debt or 'load up the card'. As the fraudsters do not know the debit on the card they have been using stolen cheques or cheques which will bounce, in order to give themselves credit on the card.
By the time the banks are aware that the cheque cannot be honoured the criminals have spent the card up to the limit and disappeared into thin air. Lloyds TSB has been one of the first UK banks to step forward to talk about the issue and they have introduced identity checks on any person paying in cheques to a credit card account which is not their own. This is sure to scare off some of the would be fraudsters although as we approach the Christmas rush we can expect the emergence of some more scams and frauds.
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