Articles Tagged with ''credit fraud''

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a recent Barclays report, which claims that the reason for the disproportionate fraud is that the U.S. still relies on outdated magnetic stripes, which are easy for hackers to replicate or manipulate.

Grocery, department, discount, specialty and small retailers will lose an estimated $10.9 billion to return fraud this year.

Consumers who are dissatisfied with how they are treated by their financial institution following fraud sometimes change providers, resulting in a global attrition rate of 23 percent.

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.

Payment card information stolen from a recent breach at Target stores has already begun appearing for sale on underweb marketplaces for between $20 and $100 per card.

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).

By pretending to be executives at a well-known financial institution, the alleged scammers created a bogus line of credit and spent upwards of $220,000.