A new paper in The Nilson report dubbed the U.S. the world’s credit fraud leader, with 47% of the world’s debit and credit fraud occurring on our shores.This is despite the fact that America only generates 27% of the world’s “total volume of purchases and cash,” according to the press release.
Wheras banking institutions in Europe, Africa, Asia, the Middle East and Latin America have been swift to adopt stricter security systems, such as having users punch in one-time passwords for cards-not-present (CNP) transactions and imbuing cards with computerized chips, U.S. banks have been slower to adopt the new technologies due to fear of alienating their cardholders, said David Robertson, publisher of The Nilson Report.
As we’ve previously reported, credit card fraud is a serious issue that can threaten the health of your credit score. Though the payment card industry is growing at a faster rate than fraudsters can keep up with, according to Nilson, sophisticated thieves can still find ways to tinker with your credit that range from changing your billing address to applying for multiple cards.
After the fact, fraud victims will have to convince the three major credit bureaus to have these black marks removed, however it does take time to undo the damages of fraud, and they may have a hard time securing a loan.
We recommend inspecting your bills and statements once or twice per month and thinking twice before handing out credit card information online or over the phone.
The Nilson report provides global news and analysis of consumer payment systems, including coverage of the debit, credit and prepaid credit card industries.
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