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Sony users: should you cancel your credit card?

With the recent news of Sony's network being hacked and credit card information being stolen, should you cancel your credit card? With more than 100 million potentially affected worldwide how are the UK banks taking the news?

Sony have said that so far, it appears that none of the information has been used illegally, however customers seem to be unsure of how to react to the situation. Some customers have said on online forums that when calling their banks they were told to cancel their cards, just in case. Lloyds however have said that they are not advising customers to cancel cards. They are waiting until Sony supply more information.

Sandra Quinn, who is at the UK Payments Administration said that UK bank customers who have an account with Sony do not need to do anything, yet.

She said “Once Sony has worked out what is lost, it will advise us and we will advise the banks. The banks can then decide whether to reissue cards or flag accounts in potential danger.”

Other banks told Kitguru that they are waiting for more information from Sony before they work out a plan of action, if at all. Barclays said that they have not made any announcements yet, and have not advised customers to cancel their cards. They are watching customer accounts for unusual activity and will inform them if deemed necessary.

Fraud in the UK causes more than £38 billion every year. Customers are being advised to check their statements carefully and to inform their providers immediately. Banks are confident that their detection systems will spot problems before this however.

UK banking customers have protection by the Payments Services Regulations system and there is no cap on compensation that can be paid out in the case of fraud. Identity theft is one of the worst cases of Fraud in the UK and can even damage the legitimate person's credit rating, causing problems in the future.

KitGuru says: Sony, in reaction to the public disaster have said that they are offering to pay for identity theft protection for their customers.

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