12 May 2006
Copied bank cards from the UK are being taken abroad to bypass the chip and PIN security system, a bank has warned.
Lloyds TSB said that criminals are increasingly taking the copied cards overseas in order to use ATMs that are not fitted with the new technology, making it easier to commit fraudulent withdrawals and purchases.
Some foreign ATMs do not use the new chip technology on modern cards, but rather still rely on the less secure magnetic strip.
The high street bank made the warning after it found that one of its customers had been the victim of fraud after a copied version of her card was used to withdraw £3,000 from her account.
The theft was carried out over 19 separate withdrawals. Lloyds TSB has now said that any customer who is the victim of this kind of fraud will be reimbursed.
It became compulsory to use chip and PIN technology in the UK on Valentine's Day and it has had an impact on fraud in the UK.
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