Nearly half of all credit card fraud around the world occurs in the U.S., although Americans account for just a quarter of global card volume, according to a recent Barclays report, which claims that the reason for the disproportionate fraud is that the U.S. still relies on outdated magnetic stripes, which are easy for hackers to replicate or manipulate.
Following several data breaches at U.S. companies, MasterCard Inc, the second-largest debit and credit card company in the world, is extending its zero-liability policy for cardholders in the United States to include all PIN-based and ATM transactions.
Nearly half of financial frauds being uncovered involve criminals trying to use someone else’s stolen personal details, Experian warns. The credit checking company says that identity theft is a “significant and rising threat,” accounting for 46 percent of financial frauds detected this year – that’s almost double the rate of cases seen in 2012 (27 percent).
Nearly half (46 percent) of all card skimming reported by the FICO Card Alert Services occurred at bank-owned ATMs in 2012 – a vast jump over 2011, when 79 percent of skimming occurred at point-of-sale terminals.