1/28/2024 0 Comments Are signpost reviews a scamTwenty-eight percent of victims told us that their banks reversed the charges immediately, and only seven percent of people told us their cases were still open. Regardless of whether or not they reported the fraud to the authorities, most people did get their money back once they notified their banks. Our research didn’t indicate that reporting credit card fraud to law enforcement made you more likely to get your money back. The average fraudulent charge reported to the police was nearly $400. Our research found that the size of the fraudulent charge may play a role in whether or not victims report it to the police. Most victims don’t report their losses to the police: just one in ten victims did so. This increase could be due to a combination of high rates of inflation and the aforementioned rapid increase in online shopping. In 2021, the median fraud charge was $62, but this year, that figure has risen to $79, an increase of 27 percent. The Median Fraudulent Charge Has Increased by 27 Percent Since 2021 Our research also found another significant risk factor that exposes people’s information to potential theft and fraud: Americans’ online security habits aren’t sophisticated enough to keep up with fraudsters’ tactics. In other words, online shopping is a risk factor for credit and debit card fraud.Īccording to one forecast, online shopping could rise by 13 percent compared to 2021, with spending from online shopping hitting a record $1 trillion. As we’ll explore later, thieves usually don’t need a physical credit card to commit fraud. As long as scammers can successfully commit and profit from this crime, it will continue to increase.Īnother potential reason why card fraud is rising could be that people are shopping more online. “Scammers follow the money and see immense value in credit card fraud and other schemes,” Ravichandran explained. adults, and also marks a considerable increase from our findings last year, which found about 58 percent of cardholders had been victims of fraud.Īccording to Hari Ravichandran, CEO and founder of digital safety company Aura, credit card fraud continues to increase because of how profitable it is for thieves.
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