This lowest gm credit card publication seeks to offer you a solid knowledge base regarding this topic, regardless what your prior skill regarding the subject. Thanks to the zero liability policy offered by almost all plastic card issuers, if your plastic is pilfered by a card thief you`re typically liable for a negligible fraction of the fraudulent purchase of goods charged to the card - if you`re liable at all. Even if a person who has stolen the card goes on a massive shopping spree by using your creditcard for thousands of dollars` worth of purchases, a Zero Liability policy means you don`t have to fork out your money to cover it.
Aside from the inconvenience to you, other parties are also affected by your stolen creditcard. The vendors that accepted the stolen card (not aware that it was being used fraudulently, obviously) have to kiss goodbye to the cost of the goods purchased on the charge card, not to mention putting in a lot of effort and a chunk of time in attempting to salvage some of their financial losses.
Do you know who bears the brunt of the financial damages caused by stolen creditcard and its misuse? Since, on account of the zero liability policy, the cardholder who`s the victim of card theft will not be liable to foot the bill for the fraudulent charges; and given that the person who stole the card is hardly ever brought to justice; and if the merchants are forced to write off the price of the goods that were purchased with pilfered plastic card -- who, then, foots the bill for all these financial damages? Consumers. Merchants raise their prices, and online creditcards issuers escalate their rates, along with credit charges in order to help counter the financial damages caused by stolen cards.
Consequently, while the cardholder of the stolen credit card online isn`t liable to take care of the unauthorized purchase transactions, all other consumers -- who are already paying for the goods or services they purchase -- end up paying larger credit rates and fees in order to compensate for the card theft.
The Retailers` Association has published statistics that highlight a yearly inventory loss exceeding $37 billion countrywide, due to theft by staff members, shoplifters, vendor fraud, and clerical and administrative miscalculations or errors.
The Vice President of Loss Prevention for the National Retail Federation, based in Washington, D.C., announced that they have developed a system which the police and similar law enforcement communities, as well as business groups can utilize to track retail-theft throughout the United States. The Attorney General`s staff isn`t directly involved in arresting and taking legal action against shoplifters and thieves, although each state`s law enforcement authorities do help those (individuals as well as business establishments) who`ve been victimized by this kind of criminal activity. The regional law enforcement group takes care of the prosecution. While the goal is to represent the rights of consumers, that doesn`t necessarily signify that in order to do that we`ve got to be on the opposing side of merchants and retail stores.
It`s estimated that just around one out of every eight or nine cases of online creditcards frauds or scams are brought to the notice of the consumer protection bureau in the state. Scams and fraudulent practices are extremely common -- and more so than most of us know about. There is not a week when state authorities don`t have at least one person who says they`ve been victims of such a scam.
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