25m unused but un-cancelled cards liability

Millions of people are jeopardising their financial security by leaving ancient overdrafts and unused credit card facilities open long after they have ceased to be used.

These may represent a particular security risk as people are unlikely to compare credit card spending against statements to ensure they are not being abused.

Of the estimated 75 million credit cards in the UK, around 25 million, or one in three, is thought to be no longer active, said My Call Credit.

“This means millions of people have stopped using a credit or store card without telling their lender,” said Call Credit director Mel Mitchley.

“The facility is still available and a fraudster can quite easily use it to rack up debts in someone else’s name without fear of early detection.

“And the risk is not just with existing credit facilities, it’s also with ones offered to people through direct mail.

“If you’ve been pre-approved for a credit or store card and you throw that information in the bin without shredding it you’re handing a fraudster an open invitation to impersonate you and get credit in your name.”

© Adfero Ltd

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