Did you know that over 70% of customers used credit cards as of 2012? In America alone there are over 160 million people who own at least one credit card and many own a few at any one time. As the world becomes increasingly globalized, EMV (Europay Mastercard Visa) gets more and more complicated as a result. Whether you’ve got new scammers looking to cash in a quick buck or confused customers trying to save their money in increasingly expensive (and risky!) times, it can seem a nightmare getting it all straight. If you’re looking to detect, reduce and generally prevent credit card fraud, keep reading — these statistics and figures will help put you back on track and give you a bigger picture of this prevalent, but preventable, problem.
What Is The Impact Of Fraud?
Retailers spend over $6 billion on credit and debit card fraud prevention and it’s small wonder why — a recent survey has found that almost 30% of credit card holders around the world have experienced fraud at least once and over 40% in the U.S. alone have gone through credit card fraud in the past five years. Since the average amount can hit around $400 per case, it costs people more than just money — people have to spend a lot of effort strengthening their security, checking with their banks and sometimes starting over new altogether. It’s a lot of stress that can be avoided by simple prevention and good habits. Speaking of which…
How Can I Prevent Fraud?
EMV solutions exist and they’re not as hard as they may seem — ATM placement is a big one, as anybody going to the bank can look over your shoulder and view the password you’re punching in as you withdraw money or check your balance. Make sure to keep your info hidden and get your business done fast to avoid this problem. Credit card authorization is a common and important method of making sure not just anybody can access your information. Remember, too, that an estimated eight out of every ten people own a mobile phone and it’s becoming increasingly common to do most, if not all, of your banking and buying on the go. Getting a credit card merchant, as well, is more popular than ever for the services they offer their customers. Lastly, try a loyalty card program to put your mind at ease. EMV today won’t be the same EMV tomorrow — now that you’re more familiar with these tips and tricks, what are you going to do to protect your investments?