Most Basic Payment Fraud Scheme Still Working in U.K.

By  |  May 23, 2012
 | 

Fraudsters have stolen £750,000 from U.K. consumers in four months using an incredibly low-tech con, Finextra says.

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    The crooks are calling bank customers and asking them to mail in their bank cards to have them replaced. Once the card is received, the cardholder is called back, and asked to enter their PIN into the phone’s keypad.

    The con has been going on for several months, but losses are escalating: the Payments Council estimates consumers have lost as much in the first four months of 2012 as was lost in all of last year.

    Read the full story here.


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