Best Credit Card Offers specially for you

About Us  |  Contact Us  |  Articles  |  News  |  Tips  |   Tools
ADVERTISER DISCLOSURE
RequestCredit.com is an independent, advertising-supported web site which is compensated by the credit card issuers whose offers appear on the site. This compensation may impacts how and where the credit products appear on our site, including, the order in which they may appear within credit product lists. RequestCredit.com does not review or offer all available credit products.

Fraudsters Target Credit, Debit and Prepaid Cards to Tune of $11 Billion

[Monday, September 9th, 2013]

In 2012, credit card issuers, banks, merchants and prepaid card issuers lost more than $11 billion to fraud—a 14.6% jump over the year before. Card issuers bore the brunt of the losses, at 63%, while merchants took 37% of total losses.

Fraud losses have gone up over the past two years, after eight years of holding steady—but are still close to the lowest point they have ever been. The total amount of payments made via credit, debit and prepaid general purpose cards in 2012 was $12.6 trillion. That represents an 11% increase over 2011.

Payment industry newsletter The Nilson Report tallied up the fraud losses and recommended EMV technology (chip cards) as the first line of defense against thieves who use counterfeit cards to perpetrate thefts.

Counterfeit card use happens mostly at point-of-sale, and card issuers absorb the loss, not merchants. Once the credit, debit or prepaid card issuer authorizes the merchant to accept payment, they become responsible for the debt.

Fraudulent online, call center and mail order transactions, known as CNP (card not present) transactions, cause merchants to lose money. Card issuers can chargeback the phony payment in these cases.

The adoption of EMV technology would guard against fraudulent transactions, according to the report. EMV technology is common in Europe and other countries around the world, but the United States has been slow to adapt, mainly sticking with magnetic stripe cards, which are less secure. And though the U. S. generated only 23% of the total worldwide card transaction volume, it accounted for 47% of global fraud losses.

Counterfeit card fraud is on the decline in every country except the U. S., where it continues to increase steadily each year. Last year U.S. counterfeit losses made up over 26% of total global losses. Fraud loss due to CNP transactions is high in the U.S. as well, due to the fact that more online sales originate here than anywhere else in the world.

Besides adopting EMV technology, another way to fight fraud is by implementing alerts, such as text messages sent to customers’ mobile phones that require them to approve transactions before payments are authorized.

Read also

Nearly 100 Million Americans Store Credit Card Info Online
[June 19th, 2017]

Despite a common conception that older people are more reluctant to trust technology, especially when it comes to money matters, it seems the so-called “Silent Generation,” or those in their 70s and 80s, are the most likely to save their payment information on websites or mobile apps.

Continue reading ››

US Bank Now Offering Mobile Payments For Visa Commercial Cards
[April 15th, 2017]

US Bank corporate cardholders will be able to pay for transactions via Apple Pay, Android Pay, or Samsung Pay with their Visa cards, thanks to new functionality that makes US Bank the first financial institution to offer mobile payments for Visa commercial cards.

Continue reading ››

FICO Wins Cybersecurity Award
[March 3rd, 2017]

Online security has been a hot button issue ever since the advent of the Internet. The impact of cyber crimes greatly affects not only consumers, who may lose their identities and/or their resources, but also retailers, who lose customers and employee hours to dealing with the aftereffects of these crimes.

Continue reading ››
Copyright © 2003-2017 RequestCredit.com. All Rights Reserved
RequestCredit.com strives to keep credit card information up to date and accurate. However, all the credit card information is presented without warranty and can be changed by the credit card issuers at any time. Click the "Apply online" button to see the online credit card application and to review current credit card terms and conditions. Note that RequestCredit.com can be compensated by credit card issuers when the visitors apply for a credit card through the website.
* The RequestCredit.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. RequestCredit.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the RequestCredit.com website are property of their respective owners.
Information in these articles is brought to you by RequestCredit.com Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
Disclosure: Not an access card.