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According to Nilson in its forecast Report, U.S. losses from card fraud will total $165.1 billion over the next 10 years. Nison is a company that monitors credit card fraud in the payment industry. Many countries have GDPs of less than 100 Billion US dollars, so understand credit fraud and how big is it. It is not a growing problem in the USA but also in Europe and Asian countries. So it becomes important to know the type of credit card fraud and how to stop it.
According to the FBI report, phishing is a common tactic by cybercriminals. There are many ways used by the fraudster to steal money from the users which we will discuss one by one in this blog post. Also, I will give some tips to secure your credit card from getting hacked. So you can enjoy your life without any problems.
I read the report given by the Federal Trade Commission in the USA, User losses $8.8 Billion due to credit card fraud. So you can get an idea of how big is this industry. These numbers are more than 30 percent from the previous year.
Also $3.3 billion in losses by the users in other investment-related industries. The second highest reported industry is imposter scams, with losses more than $2.6 billion reported, up from $2.4 billion in 2021.
These numbers show nobody is safe on the Internet if you do not care about privacy. Don’t take it lightly when you are using your data online because you will be the next person to whom an online scam happens.
Understanding credit card fraud will help you to use credit cards for your shopping, purchasing, or payments. So it is important for several reasons:
To protect your credit card it becomes essential about What type of credit card fraud and how to prevent these attacks. So let’s know:
Phishing is a cybercrime in which hackers use emails or text messages to spread viruses to hackers. Usually, cyber hackers purchase the stolen data from the Dark web and send them emails to millions of users. Many of them think it is a legitimate email or text message, and they click on it and provide personal data.
It is a very common practice used by cybercriminals. In recent times, Frausdeter sent emails based on the Cryptocurrency Giveaway. To get free cryptocurrency, users provide their personal data to hackers.
Card skimming is another type of fraud for users. Basically, hackers use the external device and attach it to the Credit Card reader when you are using your credit card at ATMs, Shops, or anywhere.
A skimmer is a device to collect your data like a credit card number, or PIN when you type on a Card reader device. Criminals use them later to steal money from the victims. Skimmers are usually found at ATMs and gas stations, but they can also be found at retail stores or restaurants.
So how to stop them:
Identity theft is a cybercrime in which hackers steal personal data like phone numbers, names, and banking credentials and use them to steal money or for illegal purposes. The best way to stop identity theft is to use an Anti-virus or VPN like NordVPN, Atlas VPN, ExpresVPn, or any reputable VPN on your device.
Identity theft can be stolen in many ways such as phishing, card skimming, data breaches, or mail theft. Sometimes, cybercriminals hack Comapay servers if you have an account or register your data on that company, your data also be compromised. For example, LastPass is a very popular Password manager provider, their server was hacked by cybercriminals so millions of users’ data were also compromised.
I received an email regarding the iPhone offer. I became excited and opened the link inside the email attached. When I opened the website, the Website was similar to AMAZON.COM, but the URL was not the same as amazon.com. Then I checked the link on the VirusToal website, that website is a fake website used to spread malware and collect banking credentials when we purchase on it.
That is one-way online shopping website fraud happens. Fake websites offer cheap products and when we order by credit card, cybercriminals get out personal data. Thus they steal our money.
Data collected from Statista, outside of the United States, the amount of fraud transactions experienced an almost high surge from 2014 to 2021. The cumulative value of fraudulent card payments amounted to 32 billion U.S. dollars in 2021.
Year | Amount (In billions) |
---|---|
2021 | 32.34 |
2020 | 28.43 |
2019 | 28.65 |
2018 | 27.86 |
2017 | 23.97 |
2016 | 22.80 |
2015 | 21.84 |
2014 | 18.11 |
Estimated by the Nilson Research, It is projected that over the course of the next decade, the industry will incur a cumulative loss of $397 billion on a global scale, with $165 billion of this amount being attributed to the United States.
Antivirus can save you money when cybercriminals try to steal your data from your device. There are many antivirus that come with free security to the users.
Make sure you have installed an anti-virus on your device to protect your online privacy. If you use too much of a credit card, then you can choose the Paid version of Anti-virus.
VPNs have become very popular due to the security portion offered to the users. They filter all bad elements when you pay online. The feature offered by the NAT Firewall detects malware and blocks it before damaging the user’s data.
Also, it encrypts the data that is sent or received by the users so it makes it hard to steal by the cybercriminals.
[ninja_table_builder id=”5170″]Payment-only on those website that comes with HTTPS security. HTTPS protocol applies to the website servers to encrypt data that was sent by the users. Because it secures data such as credit card, debit card, or account credentials when you are payments.
It will help a user to stay alert when any unauthorized payment is on their cards. If you get an instant alert, you will take suitable action against the credit card fraud immediately.
Also, use strong passwords and change them frequently.
Make sure the device is clean when you swipe the credit card at ATM or Point on SAle. It will help to detect any suspicious activity. And, you can use an RFID-blocking wallet to prevent RFID skimming.
To report credit card fraud, register your complaint on the FTC portal online immediately after the scam.
Immediately contact your Credit card issuer to solve your issue. I am not providing any support number, because of restrictions.
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