Best Ways To Prevent Credit Card Fraud

Best Ways To Prevent Credit Card Fraud

14:33 04 October in Insurance

With credit card fraud, identity theft, and data breaches dominating the headlines in recent news, it’s hard not to have some concern.

While recent credit card tech, such as EMV chips, promises to make some payments safer, most fraud experts predict credit card fraud will remain a growing problem for years to come.

With the inevitableness of this reality, let’s explore some fraud stats and the best ways to prevent credit card fraud.

What Is Credit Card Fraud

 

Credit card fraud is the unauthorized, illegal use of your credit card to either obtain goods without paying for them or obtain funds from your account by way of a cash withdrawal.

Moreover, most card fraud occurs in the United States. The U.S. is responsible for nearly 50% of the world’s card fraud, despite only accounting for 25% of total worldwide card volume. The primary reason? The slow adoption of EMV chips and aggressive level of online shopping.

Most Common Types of Credit Card Fraud

 

  • Online (card not present) – 45%
  • Counterfeit (skimming) – 37%
  • Lost/stolen – 14%
  • Other – 4%

Best Way To Prevent Credit Card Fraud