With the holiday season fast approaching, consumers are poised to spend billions shopping in stores and online.
Unfortunately, as a direct result of the holiday rush, the chances of being victimized by credit card fraud accelerate dramatically.
Although more than a few leading credit card payment processing companies like North American Bancard (NAB) have made it more safe and secure than ever for consumers to navigate the holiday retail scene, consumers must still take responsible steps to protect themselves over the next two months, especially if the businesses they patronize rely on service providers less reputable than NAB.
According to the latest data from ACI Worldwide, one in four credit and debit cardholders have been victimized by card fraud.
“The results of this survey show that card fraud continues to be one of the greatest threats and concerns for consumers, financial institutions and retailers,” says Mike Braatz, director of payments fraud for ACI. “While there have been significant advances in fraud prevention technology, it is clear that more needs to be done to educate consumers about fraud and engage them as allies when it occurs. These results should serve as a call to action for financial institutions and retailers to remain constantly vigilant and earn the trust of customers by working with them to combat fraud.”
According to a Tuesday report from The Street, retailers “seem to be indifferent at the point of transaction to credit and debit card fraud. But consumers know it and may start holding them accountable by taking their business to other merchants who do show an interest in fraud prevention.”