How Often Do Credit Card Frauds Get Caught?

Credit card fraud is a huge problem in the United States. In fact, it is estimated that $16 billion was lost to credit card fraud in 2017. That’s a lot of money! So, how often do credit card frauds get caught? Unfortunately, the answer is not very often. Less than 1% of all credit card fraud cases are actually solved by law enforcement. This means that if you are a victim of credit card fraud, your chances of getting your money back are pretty slim.

What is credit card fraud and how does it work?

Credit card fraud is when someone uses your credit card to make unauthorized charges. This can happen if your credit card is stolen, or if someone gets your credit card information through a data breach. Once someone has your credit card information, they can use it to make purchases online or in person. In some cases, they may even be able to take out a cash advance from your credit card.

How often do credit card frauds get caught?

Unfortunately, the answer is not very often. Less than  1 percent of all credit card fraud cases are actually solved by law enforcement. This means that if you are a victim of credit card fraud, your chances of getting your money back are pretty slim. However, with the advancement of fraud detection algorithms using machine learning and artificial intelligence,  the chances of getting caught are increasing.

The different types of credit card frauds

There are three main types of credit card fraud:

  • Credit card theft – this is when someone steals your physical credit card.
  • Credit card cloning – this is when someone copies your credit card information and uses it to make fraudulent purchases.
  • Credit card skimming – this is when someone steals your credit card information by copying it from the magnetic stripe on your credit card.

How to prevent credit card fraud

There are a few things you can do to help prevent credit card fraud:

  • Keep your credit card information safe – never share your credit card number with anyone, and make sure to keep your credit card information secure.
  • Check your credit card statements regularly – this will help you spot any unauthorized charges quickly.
  • Use a credit card with fraud protection – many credit cards offer fraud protection, which can help you get your money back if you are a victim of credit card fraud.

What to do if you think you’re a victim of credit card fraud?

The first thing you should do if you think you’ve been a victim of credit card fraud is to contact your credit card company. They will be able to help you dispute any unauthorized charges. You should also report the fraud to law enforcement. They may be able to track down the person who committed the fraud and get your money back.

Conclusion

Credit card fraud is a huge problem in the United States. In fact, it is estimated that $16 billion was lost to credit card fraud in 2017.  Less than 1 percent of all credit card fraud cases are actually solved by law enforcement. This means that if you are a victim of credit card fraud, your chances of getting your money back are pretty slim. However, there are a few things you can do to help prevent credit card fraud. For example, you can keep your credit card information safe, check your credit card statements regularly, and use a credit card with fraud protection. If you think you’ve been a victim of credit card fraud, contact your credit card company and law enforcement right away.

Article Source Here: How Often Do Credit Card Frauds Get Caught?

source https://harbourfronts.com/how-often-do-credit-card-frauds-get-caught/

About Harbourfront Technologies

We are a boutique financial service firm specializing in quantitative analysis and risk management. We combine the power of traditional structured finance with modern high performance computing in order to deliver unique solutions to our customers. Our clients range from asset management firms to industrial, non-financial companies. Visit http://tech.harbourfronts.com to learn more about us.
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