Plastic Card Scams
Plastic Card Scams:
Changing technology has changed the way you pay. Cards, having made our lives convenient in a number of ways, it has given access to the world of online shopping; and has reduced our dependence on liquid currency; but did you know that plastic card scams are on the rise.
A surprising number of people are adding up to the list of victims to plastic card frauds each year. If truth be told, a 2015 research note statistics says that the U.S. is accountable for 47% of the world's card fraud regardless of only accounting for 24% of
overall universal card volume. Having a great impact on other countries, among U.K.-issued cards in 2015, 35% of plastic card con losses happened in the United States, compared to 10 percent in France and Australia, 9 percent in Canada and 6 percent in Germany.
This, however, has paved way to cross-border scam as well. It occurs when the wrongdoers make fraudulent transactions in another country using consumers debit or credit card. Most of the scammers operating from far flung countries function cleverly to take advantage of the masses. Just about 47% of deceitful cross-border transactions on U.K. credit cards took place in the United States, a 2014 report says. The most disheartening fact is that, the U.S. plastic card scam is on the rise, compared to 2013 report; approximately 31.8 million U.S. consumers had their credit cards fall foul of, in 2014 which is more than three times the number affected. This isn't something inexpensive, just about 90% of card infringes victims in 2014 received alternate credit cards, and it has cost $12.75 per card for the issuers. Report says that fraud attempts were initiated by Phone and via email, out of which 54% belongs to the former and 23% to the latter category and mobile transactions accounted for 14 percent of transaction volume.
Allowing you to pay any way and anywhere you want, as a matter of fact, all your payment cards can be into one sophisticated device as well. Scams can occur with this all in one card too, the trend changes so do the crooks. Know what's on the horizon; get updated on Plastic card fraud insurance, which may happen in the near future. With these con artists trying to be smart enough to loot your hard-earned money, follow prevention methods and outsmart, don't give them a chance to execute. Be on your guard!
Fraud detection tools offer the toughest portfolio in security and risk mitigation for a rapidly changing world. These fraud detection tools help in detecting the key elements across different types of fraudulent activity. However the performance criteria for plastic card fraud detection tool are constantly changing, as fraud activities are growing in shape and size. In order to accommodate this highly dynamic and emerging scam activity, the fraud detection tools and techniques need to adapt as quickly as fraud does.