LV= Reveals Eight Million Chip And PIN Pals At Risk Of ID Fraud
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Released
on: September 03, 2009, 4:08 am
Author: LV=
Industry: Financial
New
research from LV= home insurance has revealed that in the past
12 months, more than eight million adults* have given their chip
and PIN details to someone else to make a purchase on their behalf
or get money from a cash machine for them – with a quarter
(24%) of these falling victim to fraud. One in three Brits (34%)
say they have been asked to pay for goods or take money out on
someone else's behalf.
Experts
warn that by sharing PIN numbers with others, card users are exposing
themselves to fraud and seriously weakening the security of the
chip and PIN system.
Businesses
themselves need to pay closer attention as 98% of people who have
used someone else's card said they were not caught, leaving retailers
open to being targeted by fraudsters.
To
help assist the growing number of people affected by ID fraud,
LV='s home
insurance policy now includes free access to an Identity
Fraud Helpline, staffed by specially trained expert advisors
who will explain what to do if you think you may have been a victim
of identity fraud.
ID
fraudsters can quickly clock up many thousands of pounds of purchases
by cloning a card and banks may refuse any kind of refund if the
card owner has shared their PIN with others.
This
is because in the event of ID fraud, card users sharing details
may be considered to have acted ‘without reasonable care'
by banks who will then refuse to pay out to cover stolen funds.
The
most common location for ‘borrowed' cards to be used is
at a cash machine. For those people passing on their card details
for someone to buy something on their behalf almost one in ten
(9%) have told someone the details over the phone, 7% have written
them down, 6% have given them face to face in a public place and
a few have even sent the details to someone in an e-mail or text
message.
John
O'Roarke, managing director of LV= home
insurance, said: "It's concerning to see the numbers
of card-holders who are so lax with their card details, even if
they are sharing them with their friends and family. We would
strongly urge all card-users not to tell anyone their PIN number.
Not only does it undermine the security of your account and increases
the risk of ID fraud but also card holders could end up out of
pocket if they are found to have shared their card details.
"We'd
urge any customers who think they might have become a victim of
identity fraud, to call our Identity Fraud Helpline for help and
support."
- ENDS -
Notes to Editors:
* According to the research, 20% of card holders have given out
their card and pin number to someone else. 85% of these have done
so in the past year. According to the Office of National Statistics,
the resident population of the UK is 52,042,000. Therefore 52,042,000
x 0.20 = 10,408,400 and 10,408,400 x 0.85 = 8,847,140
About
LV=
LV= is a registered trade mark of Liverpool Victoria Friendly
Society Limited (LVFS) and a trading style of the Liverpool Victoria
group of companies.
LV=
employs more than 3800 people, serves around 3.6 million customers
and members, and manages around £7 billion on their behalf.
LV= is also the UK's largest friendly society (Association of
Friendly Societies Key Statistics 2008, total net assets) and
a leading mutual financial services provider.
The
research was carried out by OPINium between 22 and 26 June 2009
among an online sample of 3,002 UK adults. Results were weighted
to be representative of the UK population.
PR
contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
www.lv.com