UK counterfeit ring defrauded thousands of NZ credit cards

Credit cards of thousands of New Zealanders may have been compromised during their travel to the UK as a result of the elaborate counterfeit scheme that has already netted several cases of fraud.

Rob Campbell, ASB head of cards reported that the bank had already cancelled a number of "at risk" credit cards in order to be "proactive" in protecting both its customers and limit the bank's exposure after several instances of fraud were uncovered.

Every year more than 230,000 New Zealanders visit the UK which means that potentially as many as 60,000 people could have been exposed to the scam.

Campbell says that the credit card gerrymander has been operating in the UK since March. Thereby any New Zealander who had used their Visa or MasterCard issued by any of the major banks in the ensuing three months was at risk

Mike Byrne, BNZ head of fraud states that the bank is contacting customers who have recently been to the UK and urges BNZ credit card users to use the bank's new "liquid encryption" security feature that is claimed to offer "instant protection against counterfeit fraud".

Campbell states that all cases of fraud will be reimbursed by the bank. Yet customers who recently visited the UK are advised to carefully monitor bank statements and to contact their bank if any transactions were suspicious.