We at Chargebacks911 are pleased to be working alongside Lloyds Banking Group to tackle the serious and urgent problem posed by fraud, as was noted in a recent article published on the Lloyds Banking Group blog.
Lloyds Banking Group is one of the largest issuers in the UK. With the purpose of “helping Britain prosper,” they represent 27 million customers and 2.3 million
shareholders. The institution’s mission is to create a more sustainable and inclusive future for people and businesses, shaping finance as a force for good.
As noted in the piece, over 80% of UK consumers shop online. This has opened up new opportunities for business. But, it has also led to a surge in fraudulent activity.
“In fact, our own data shows that despite safeguarding measures, thousands of Lloyds Banking Group customers who used debit and credit cards – some who did not report their goods as missing – have still fallen victim to ‘rogue websites,’ costing them an estimated £6.6 million,” the post notes. ”And unfortunately that number continues to grow.”
The piece focuses on the threat of “rogue websites,” or scammers that impersonate legitimate merchants to set up fake websites.
“Working with Chargebacks911, we’ve been able to establish an industry network comprising of other major financial service providers who recognize the seriousness of the problem and are taking steps to prevent these scams from happening. Thankfully, this has led to the sharing of rogue merchants across the industry so everyone is protected.”
