Credit card fraudsters could use details to take out loans

Posted 2008-04-29

A failure to notice credit card fraud early on could allow criminals to use the victims details and take out loans in their name, an industry expert has warned.

Helen Lord, fraud and regulatory compliance director at Experian, recommended consumers check their credit report regularly in a bid to detect fraudulent transactions, as the longer it is left undetected, the more damage it will do to the rating.

She urged anybody who suspects they might be a victim of ID theft to contact their bank immediately.

“If the problem is solved quickly there shouldnt be any lasting damage to your credit report. Failure to act straightaway could allow a thief to take out loans or credit cards in your name,” she stated.

A recent report by Apacs, the UK money transmission service, found that online credit card fraud increased by 25 per cent over the last year, to £532 million, which was 54.3 per cent of total credit fraud.

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