Payment Card Fraud

Payment Card Fraud and Payment MethodUS. Tops List

As a professional shredder, I keep tabs on data breaches, payment card fraud and general info about identity theft… issues that routinely affect my residential and commercial clients. In a survey of 20 countries conducted by the Aite Group, four countries rose to the top of the payment card fraud list — and the United States was among them. Forty percent of survey respondents in the US, India, China, and the United Arab Emirates said they’d been impacted by credit or debit card fraud.

World-wide, 27 percent of individuals in the survey reported being impacted within the past five years, and 14 percent said they’d suffered fraud more than once in that time. The United States scored fourth position on the risk list, illustrating the fact that identity theft and credit card fraud is a serious concern for businesses and individuals in the U.S.

Growing Opportunities for Payment Card Fraud

One of the reasons payment card fraud is rampant across the nation is the growing number of opportunities hackers and thieves have to access consumer information. An increasing number of people use and manage credit card (and other financial accounts) online. This provides a prime entry point for hackers and identity thieves.

Pew Research numbers indicate that the number of people who experience online identity theft is up year over year. That makes it even more important than ever to follow strong password protocols and only access financial accounts from secure locations as opposed to public wireless networks.

Online access isn’t the only reason credit and payment card fraud may be on the rise. In the United States as well as other nations, vendors and businesses are working to provide consumers with as many money management options as possible. Consumers demand convenience. Shoppers can pay with a variety of accounts, funding those accounts with a series of transactions ranging from simple bank transfers to more complex MoneyPak purchases.

Simple Ways to Combat Fraud

The best way to protect yourself against payment card fraud is to remain vigilant with these simple steps:

  • Change passwords on your account from time to time
  • Check statements your financial statements regularly to detect fraudulent activity quickly after the occurrence
  • Read the fine print when shopping online
  • When a deal is too-good-to-be-true, ask questions before you take any steps.
  • Store hard copies of your financial records in a secure place
  • Destroy sensitive information by professional shredding as its more thorough than at-home shredders and saves you time and effort

How do you protect yourself from payment card fraud?