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Bank Loan: UK consumers warned about cash machine fraud

UK consumers should be vigilant when using cash machines after new research has shown cash machine fraud is on the rise.

Cash machine operator Link has revealed that around £36 million was withdrawn by fraudsters from cash machines in 2009, with a total of 259 ATMs tampered with by criminals.

Steven Murdoch, a fraud expert at the University of Cambridge, claimed it has now become "quite easy" to obtain bank customer's card and PIN details.

He told the Daily Mail: "Fraudsters now hide devices inside machines, rather than placing them on the outside where they are easy to spot.

"Some victims of fraud are not refunded by their bank because it is difficult to prove the transactions were fraudulent if the original card and pin was used."

Rulings introduced by the Financial Services Authority last year stipulated that a bank can not reject a claim for a refund on a fraudulent transaction even if the card and correct PIN code were used by the criminal.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800255126-ADNFCR

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