Banks to absolve themselves of card fraud responsibility

Dec. 11, 2012 - PRLog -- A major blow for individuals and fleet managers alike has come to light after major high-street banks are set to impose new terms and conditions absolving themselves of any responsibility should a customer’s credit or debit card be cloned or otherwise fraudulently used.

The new conditions, likely to come into play in January 2013, will mean that banks will no longer accept responsibility in instances of fraud where a customer’s pin may have been seen or ‘easily guessed’.

This change in corporate responsibility means that individuals will have to bear the brunt of the financial implications of card fraud themselves. This is unlikely to go down well with card users, many of whom will feel that it was customers like themselves who bailed out the banks in the first place.

UK Fuel Cards’ Managing Director Sean Dwyer was surprised by the attitude displayed by the Santander group, among others. ‘It’s shocking, to be quite honest. You wouldn’t have thought they’d want to do any more damage to their reputations than has already occurred’ he said.

‘I can understand that fraud must be costing the banks money, but obviously organisations like Santander are turning a healthy profit regardless. If they don’t want to shell out so much on fraud every year, you’d think they’d improve card security rather than place the onus on customers.’

‘Now there’s even more reason for fleet managers to switch to fuel cards. Because they can be registered to the number plates of specific vehicles, fuel cards are extremely difficult to defraud.’

If you want to remove this source of risk in your fleet, make sure to look at some fuel card services (http://www.ukfuelcards.co.uk/fuel-cards/) available to your business.