Lloyds TSB to introduce card fraud alerts

March 19, 2007

Lloyds TSB are set to introduce a new fraud alert service where an automated message rings you when fraud is suspected on your account.

The move comes at the right time as the worry of increasing phone and internet fraud is starting to affect people. The new chip and pin systems which were introduced worked a treat but fraudsters then turned their attentions on phone and internet fraud instead which is less safe. Most people will welcome this new alert system and it will hopefully make consumers feel safer with their bank.

One of the main advantages of this new service is that most people do not have a clue when their account is being used for fraud. Usually nothing can be done as it is too late to catch whoever took the money out in the first place. So with this new alert service, it will let you know if anything suspicious is going on with your account and you can then check things out for yourself and contact the police urgently if you do suspect fraud.

The alert is going to cover all debit cards as well as credit cards which mean all customers will be protected. It is certainly nice to know that your bank is thinking of you and if any money is ever taken out under suspicious circumstances they will let you know. No other banks offer this service but hopefully some will follow suit as they see how successful the alert system actually is.

Overall whilst this alert system is great, you should still try and be more careful with your details so that nobody can get hold of them in the first place. If you protect your card details there will be no need for the alerts and you will be able to sleep soundly knowing that you are keeping your details safe from fraudsters.