According to Nilson credit card fraud report, credit card fraud cases are increasing rapidly.
Credit card is one of the best sources that are effectively and successfully used for money. Credit card is also used a form of money and it is very popular and extensively used allover the world. People preferred to sue credit card instead of carrying money with them because there are chances that you may losing your money but by using credit card there are lesser chances of losing money. Identify theft, crimes and credit card fraud cases have also made their impression on credit cards as well. Credit card fraud cases are extreme increased in recent times. According to the recent announcement of TJX, about 45 million credit card numbers have been stolen over the last 18 months or so.
According to the 2007 Nilson report, in 2005, the fraud losses were around $1.14 billion, and at the end of 2006, the fraud losses of credit cards were reached at $1.24 billion; this ratio is more than 9.3% than 2005 credit card fraud losses. According the report of FTC, more than 10 million people have been affected by these credit card frauds, and these 10 million are only Americans. It also a survey that average per victim loss is $4,800. Credit card fraud victim’s complaints are also increasing rapidly.