The number of credit and debit cards that are stolen are being used even more fraudulently than at first anticipated.
Over £500 million more fraudulent activity was reported than was first reported, after an undercover investigation was performed.
Credit and debit cards get stolen and the details are sold to people who then make purchases, usually to sell on to others at a fraction of the real price. In 2007 £535 million was lost through this type of activity, over £290 million of this was via telephone, mail-order and internet spending.
Despite attempts to prevent this happening, it is important to analyse each bank and card statement you get to make sure you have not being targetted. If your card has been used, at least you can report it and get it refunded.
Read more at Credit Card Fraud worse than expected
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