Keep Yourself Informed About Credit Card Fraud

The people who are using credit card must have an idea about fraudulent activities related to credit card

. Such knowledge is essential nowadays when we prefer to buy good online than offline. Today, my intention is to shed light on Credit card fraud and its related aspects so continue reading and explore some fact related to credit card.

What is Credit Card Fraud?

I am unable to provide you a single credit card fraud definition since different people define this situation differently. However, I have a simple definition of it; credit card fraud is a situation in which a person illegally buys goods and services by using the credit card information of another person. For example, you have a credit card and unfortunately, a person steals the information of your card such as card number and password. Thus he buys a laptop online by making payment from your credit card. I just hope this simple example provide you an explanation of credit card fraud. I gave an example of one type of credit card fraud while in reality there are a number of types of this kind of scam.

How do You become a victim of Credit Card Scam?

A number of people buy or sell good and services on the web. The payment of good and services are often being made with the mean of credit card. It is possible that a person buy a good from a portal which doesn't provide any security shield against online scammers. Nevertheless, when he enters the details of his credit card into such portal then there is a possibility that such details are being stolen by scammers. Such scammers will be able to misuse these details. In this way you can become a part of Credit Card Scam.

Check the Statistics of Credit Card Fraud

On the web you can find the crucial statistics on Credit Card fraud. I brought some stats for your information so have a look.

According to Cybersource, online revenue loss was around $3.3 billion in 2009 as compared to $4.0 in 2008. Although the percentage of revenue loss has decreased in 2009 yet there is only difference of $0.7. Nothing is mentioned about the reason of percentage decrease in the source.

Javelin Strategy & Research, "Identity Fraud Survey Report," February 2010 mentioned that number of U.S. identity fraud victims increased from 12 percent to 11.1 adult last year. Almost 43 percent of ID theft incident occurred due to lost/stolen wallet, credit card,checkbooks and debit cards; online scammers know the method of access.

Almost 26 percent of credit card fraud cases are reported online(based on Federal Trade Commission complaint report in 2009).

Credit Card Fraud Costs:

It is noteworthy to mention at this point that card payments industry has to bear huge credit card fraud costs. Some people think that such crimes only affect the card holder financially while a few may have an idea about the loss which has to been borne by the card payment industry. According to report of Ait Group LLC, card fraud costs for U.S. Payments industry is $8.6 billion annually.

I just hope that you have found enough facts and figure about credit card scams here. It's time to be extra careful and check some online tips with the mean of which you can avoid any such fraudulent situation.

by: Gen Wright

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