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Thanks to the zero liability guarantee endorsed by the majority of credit cards online companies, in case your card is stolen you are typically required to pay only a tiny fraction of the fraudulent purchase of goods charged to the card - if you`re obligated to pay anything at all. Even when a person who has stolen the card charges thousands of dollars` worth of goods on your creditcards online, a zero liability guarantee 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 online creditcards. The vendors that okayed the purchase transaction on the stolen card (not aware that it was being used fraudulently, of course) are forced to write off the cash value of the goods or services purchased with the creditcards online, not to mention putting in considerable amounts of time and effort in trying their utmost to recoup some of their financial damages.
Do you know who assumes the burden of the financial damages caused by credit cards theft? If, as we`ve seen, the person whose card was stolen isn`t required to foot the bill for the fraudulent charges; and the thief is hardly ever caught; and if the sellers are forced to write off the price of the commodities that were purchased using the stolen online credit card -- who`s left to pay for all of these financial losses? Consumers. Retailers hike the price of goods, and online creditcards companies increase their rates of interest, along with credit charges to help cover the losses from stolen cards.
Consequently, although the cardholder of the stolen online credit cards doesn`t foot the bill for the fraudulent purchase transactions, the rest of the consumers -- who`re already forking out money for the goods or services they purchase -- end up paying escalated fees to counter the financial damages caused by the stolen cards.
Statistical analyses released by the Retailers` Association show a yearly inventory shrinkage of more than 37 billion dollars nationally, due to theft by employees, shoplifting, fraud perpetrated by merchants, as well as clerical and administrative errors or omissions.
The Vice President of Loss Prevention for the National Retail Federation (NRF), based in Washington, D.C., announced that they`ve devised a procedure that law enforcement and businesses can use to keep tabs on retail-theft all over America. The Attorney General`s staff isn`t empowered with direct authority when it comes to arresting and initiating legal proceedings against card thieves and shoplifters, though 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 legal proceedings. Although the aim is to act on behalf of consumers by protecting their rights, that doesn`t have to denote that in order to do that we should oppose vendors and retail outlets.
It`s estimated that merely approximately one out of every eight or nine cases of credit card online fraud are reported to the consumer protection bureau in the state. Rip-offs and fraudulent activities are rampant -- even more widespread than most Americans truly realize. There isn`t a week that goes by that state authorities aren`t notified of some manner of hoax, con, or fraud by at least one person or business group.
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