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Credit Card Fraud: Cardholders
built 647 days ago
Credit and debit card fraud costs cardholders and issuers hundreds of millions of dollars each year. Once more limited to those who had lost wallets or stolen purses, today there are numerous card fraud avenues.
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Globally credit card fraud costs card issuers billions of dollars a year in fraudulent use of their cards. Some of this loss is passed back to retailers who failed to comply with the normal processing method for the card. Another part of the loss is insured. Nonetheless, as a cardholder you are potentially liable for any fraudulent use of your credit card. It is, therefore, imperative that you make yourself aware of what the current fraud scams are and how you can help to in the battle of credit card fraud prevention.
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Cards lost by or stolen from the cardholder: Lost and stolen cards represent 23% of all card fraud losses. Typically the cards are stolen from the workplace, vehicles, health clubs, golf clubs, etc.
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The investigation began when the credit card issuers reported that some cardholders were reporting fraudulent charges on their statements. It is still in its preliminary stages, with no determination on how the data was improperly obtained.
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Once the rightful cardholders noticed fraudulent charges, cancellations poured in from Software.net's credit card payment processor. Not only was McKiernan out the cost of the stolen goods, he had to pay a penalty for the bogus charges.
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