Pension Bank Card Pensioner

Pensioners lose tens of thousands of pounds to bank card fraud

Victims aged 70 and over tricked out of £18,000 on average

Pensioners are losing tens of thousands of pounds to bank card fraud, with victims aged 70 and over losing an average of £18,000 each, according to new figures from Which?.

The consumer group said fraudsters are increasingly using sophisticated methods to trick people into handing over their card details, including pretending to be from their bank or the police.

Which? is calling on banks to do more to protect their customers from fraud, including by investing in better technology and staff training.

What is bank card fraud?

Bank card fraud is when someone uses your bank card without your permission to make unauthorized transactions. This can happen in a number of ways, including:

• Online fraud: This occurs when someone uses your card details to make purchases online without your knowledge or consent.
• Card cloning: This is when someone makes a copy of your card using a skimming device, which can be used to make unauthorized transactions.
• Counterfeit cards: These are fake cards that are made to look like genuine cards, but which are actually used to make fraudulent transactions.
• Telephone fraud: This occurs when someone calls you pretending to be from your bank or the police, and tricks you into giving them your card details.

How to protect yourself from bank card fraud

There are a number of things you can do to protect yourself from bank card fraud, including:

• Be careful about who you give your card details to. Only give your card details to trusted sources, such as your bank or when making a purchase from a reputable website.
• Keep your card safe. Don't leave your card unattended, and report it lost or stolen immediately if it is lost or stolen.
• Be aware of the signs of fraud. If you see any unusual activity on your bank statement, or if you receive a call from someone claiming to be from your bank and asking for your card details, report it to your bank immediately.
• Use a strong password for your online banking. This will make it harder for fraudsters to access your account and make unauthorized transactions.
• Monitor your bank statements regularly. This will help you to spot any unauthorized transactions early on.

What to do if you are a victim of bank card fraud

If you are a victim of bank card fraud, you should report it to your bank immediately. You should also contact the police and Action Fraud, the UK's national fraud reporting center.