Credit card cheats turn into conjurers

Banks have been hit by a new fraud in which thousands of pounds at a time is conjured out of thin air as swindlers use cheques drawn on defunct accounts to load spending power on to 'cloned' credit cards. One bank, Lloyds TSB , is acting to stop the racket in parts of the UK by querying every time a credit card bill is paid with a cheque in a different name from that of the cardholder. Usually, there is an... [read full story]