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Special Delivery
Credit card fraud has been recognized as the fastest-growing financial crime in Britain. In an effort to combat credit card fraud there, many banks and other issuers are now using private couriers to deliver the cards to their customers, rather than putting the cards in the mail.
Investigators say more than 750,000 credit and charge cards mailed each year in the United Kingdom are never delivered where they belong. The number of stolen cards increases considerably over the holidays when the postal systems adds many temporary postal employees to help with deliveries.
Many of these stolen cards reach the hands of organized crime, where it is estimated that fraudulent use costs the industry over $10,000 per card!
Using the special delivery service is costly-Diners Club alone expects to spend $170,000 a year on it-but is still less expensive than the fraud, estimated at $200 million last year in Britain.
Bank card executives say this type of fraud is also on the rise in the United States.
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 12, 3/92
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