Credit Card Fraud Statistics ~~Financial Matters of Life ~~
Credit Card Theft Hurts Retailers and credit card customers
Thanks to the zero liability policy offered by most issuers of credit cards, if your credit card is stolen is normally only liable for a very small portion of the unauthorized purchases-if any. Even if a thief charges thousands of dollars on your credit card, a zero liability policy means you do not pay for it.
You is not the only one affected by stolen credit card, however. Retailers who accept stolen credit card (not knowing it was stolen, of course) lose money of the goods purchased with credit card, and also a lot of time and effort in trying to recoup some of their costs.
Who do you think pays the costs of credit card theft? If the owner of the stolen credit card is not required to pay for unauthorized charges, and the thief is caught few times, and retailers are off the merchandise that was purchased with the stolen credit card that pays for all these financial damage? Consumers. The merchants increase their prices and credit card issuers raise interest rates and fees to compensate the stolen credit cards.
So while the owner of the stolen credit card does not pay for unauthorized purchases, and other consumers are already paying for their purchases are higher rates to compensate for the stolen cards.
Attorney General Larry Long spoke to the South Dakota Retailers Association on loss prevention in Sioux Falls on April 3, 2007. Long says that retailers need a plan to catch thieves in order to alleviate some of these rising costs. The seminar in which he spoke in length was sponsored by the Retailers Association of South Dakota and was aimed at helping retailers to develop strategies to stop the theft, fraud and scams.
Statistics provided by the Association of retailers indicate a loss of annual inventory of more than 37 billion U.S. dollars across the country for theft of employees, theft, vendor fraud and administrative errors.
The Vice President of Loss Prevention for the National Retail Federation based in Washington, DC, Joseph LaRocca, said they have developed a system that companies and law enforcement can use to track theft nationwide. This system database created safe online LaRocca because it insists that the issues of theft, fraud and scams worldwide effect.
Attorney General Long, and the office of Attorney General are not directly involved in the prosecution of thieves and robbers, but the state helps people and businesses that have been subject to such crimes. Police local authorities are responsible for the prosecution. While the goal is to become consumer advocates, long realized that does not necessarily mean to do that we must be on the other side of merchants and retailers.
It is estimated that only about one in eight or nine cases of fraud are reported to the state office of consumer protection. Scams and frauds are very common, and even more than most people understand. Long says, "Not a week goes by that we do not have at least one person who says they have been the victim of a scam. "
Under South Dakota law, retailers can try to recover the lost goods and expenses of the thieves. To to give effect to this, Long believes that retailers must have a plan in place to catch thieves.
A plan that retailers effectively stop the thieves and appropriate until the police arrive once they are identified as thieves, and the time indicated, there should be a uniform policy in place for dealing with such activity.
About the Author
This article is courtesy of CreditorWeb.com, where you can compare
business credit card
offers and
apply for a credit card
online.
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