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Debit and Credit Card Fraud Increases

November 18, 2013

Identity Theft OnlineCredit card fraud affects nearly 10 percent of Americans and is the leading category of reported complaints to the CSN (Consumer Sentinel Network). A total of $5.55 billion worldwide has been collected in credit card fraud, ranking as one of the top three most worrisome threats in the United States (2012).

According to a survey conducted in 2012, 68 percent of college students reported they were worried about identity theft and had concern owning a credit card. With the majority of college students owning a computer, they have every right to be concerned for credit card fraud and identity theft, considering fraud occurs mostly through emails.

The concern and reports of fraud continue to increase when natural disasters strike, like the latest super-typhoon disaster in the Philippines. The Assistant VP of Marketing at Gesa Credit Union, Brian Griffith, commented on KEPRTV, “There has been an increase in both debit and credit card fraud. Fraudsters are opportunistic, they look for any opportunity to capture other peoples info even if that’s a tragedy or a holiday.”

As the holidays approach and emails flood your inbox with requests to financially support victims in the Philippines, take precaution and remember where and who fraud is likely to victim. If you feel you’ve become a victim of fraud, call your bank immediately or contact the Unlock Your Wealth Radio Show.