Shredders: The Anti-Fraud Weapon

We’ve all done it. You leave the cash machine, crumple up your receipt and throw it in the bin. Or you forget to pick up the till receipt after you’ve paid for your shopping. But this forgetfulness could cost you dear, as it means that fraudsters can get hold of your details – and you’ll be the one facing inconvenience, and maybe a large debt.

In 2005, card fraud totalled £439.4 million. Although this was down 13 per cent over the previous year, perhaps because of the introduction of Chip and Pin, it’s still a whopping amount. Every nine seconds there’s an incidence of card fraud, with around £1.2 million lost to fraudsters each day. Chip and Pin has cut down on fraud on lost or stolen cards (£89 million in 2005) and counterfeit card fraud (£96.8 million in 2005). But fraud on cards used on the telephone, Internet or for mail order cost £183.2 million in 2005.

So how can you make sure that you don’t become a victim of fraud? Well, for a start, you could buy a shredder. Keep all your till receipts, ATM receipts and anything else that contains your personal financial information and shred it when you no longer need it. No-one will be able to read it then. When you’re doing your shopping, make sure that your cards and card details are always in your sight and shield them from others’ view.

One technique fraudsters use is to send phishing emails seeking to get your passwords and bank details so they can steal your identity – and your money. The best approach is to ignore unsolicited emails that claim to come from your bank or the police and type links into your browser’s address bar rather than clicking on links in an email. Also, keep firewalls and anti-virus up to date.

The bottom line comes from British Bankers’ Association Angela Knight: ‘When you use it – keep it secret. When you are done – shred it.’