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Information on Credit Card Fraud

Identity Theft

Credit card fraud seems to be never-ending nowadays, so having the proper information on credit card fraud is more important than ever before. With the help of the internet, it seems that people committing credit card fraud are getting more sophisticated in their techniques. There use to be a time where a person could use his credit cards and not be burdened with the idea of fraud. Unfortunately, those days are over. There are several types credit fraud that people tend to face. They are: counterfeit credit cards, lost or stolen cards, no-card fraud, non-receipt fraud, and identity theft fraud.

Information on Credit Card Fraud

Each of the abovementioned types of credit card fraud affects people nationwide.

  • Counterfeit credit card fraud constitutes just about 37% of money lost to credit card fraud. When counterfeiting takes place, information is skimmed from the magnetic strips of the back of credit cards in order to create new cards and slip through security
  • Cards that are lost or stolen account for just about 23% of credit card fraud.
  • The next type of credit card fraud is what is called no-card fraud. Accounting for only 10% of all credit card fraud committed, no-card fraud happens when someone gets your credit card information, often online, and uses it to make a purchase without actually having the card itself.
  • If someone intercepts your mail and takes a replacement card that was mailed to you, it is considered non-receipt fraud. This type of credit card fraud accounts for 7% of all credit card fraud.
  • Finally, the last type of fraud is identity-theft fraud, which only accounts for 4% of all financial loss from credit card fraud.

Credit card fraud can be a very difficult thing to deal with and a challenging thing to recover from. The nation has an estimated $2.8 million lost to credit card fraud using Mastercard and Visa only. Across the board, credit card holders may have lost an estimated $500 million per year to credit card fraud. As a result of credit card fraud, there is an increase on the cost of goods and services. Inevitably everyone – all consumers that is – pay for the loss due to credit card fraud.

Online shopping has made credit card fraud easy for opportunists. With many states cracking down on credit card theft, thieves are finding it hard to get away with the once easy crime.

If you have been a victim of credit card theft, then you should do a few things. Consider equipping your hard drive with anti-spyware protection. Additionally, you should consider reporting the fraud to the credit reporting agencies as well as your banks. You might also consider filing a police report for the credit card fraud as well. Knowing and understanding this information on credit card fraud can help you to take active steps to stay safer, and to product your cards from falling into the wrong hands.

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