Manchester, NH -- (SBWIRE) -- 07/26/2016 -- The rate of crimes involving credit and debit cards continues to alarm many consumers from around that world. Identity theft crime is not easy to detect and thieves have ways of getting into the pockets of customers without them knowing it.
Experts reveal how fraudsters get around the chip and pin cards. Once the personal and financial information has been stolen, perpetrators start using it for fraudulent purposes.
According to a new report from Javelin Strategy & Research, cases of new account fraud escalated to 113 percent in 2015. It represents all fraud losses by 20 percent.
Al Pascual, director of fraud and security for Javelin, reveals that thieves are now using a more damaging of fraud. Last years, the cost of fraud losses reached $14 to $12 billion. These fraud losses were due to withdrawals or unauthorized purchases on the accounts of consumers.
In the recent years, authorities and banking institutions have implemented some measures to protect consumers, and one is the EMV technology. EMV chip is usually embedded in debit and credit cards to make it difficult for thieves to steal information.
Unfortunately, there are some loop holes that enable fraudsters to come up with new ways to steal from customers. It is imperative for consumers to check their account statements or credit reports regularly to spot fraudulent charges.
In the 2013 TransUnion survey, it was found that almost one-third of individuals in the United States have never checked their credit report.
Experts recommend that consumers should pay close attention to breaches. They should resort to some measures that could safeguard their sensitive personal information such as their Social Security number. In 2014, 64 percent of Social Security numbers were accessed by hackers.
Vigilance against fraud is important since there are many phishing scams that are always ready to victimize consumers. There are also thieves that use card skimming devices, which work by reading the information from credit and debit cards.
Thieves who use skimming devices typically execute the crime without the victim knowing it. As a matter of fact, there have been cases when victims were unaware that the crime has been committed against them until they check their account statements.
The good news is that there are some efficient ways to fight credit card thieves, and one is through the use of the set of RFID blocking sleeves. These sleeves can be placed inside the wallet and are unnoticeable. They work by blocking thieves or card skimming devices from reading the personal information from credit cards. (www.amazon.com/rfid-passport-sleeve-protector/dp/B0150T0AI2)
About RFID Vault
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SOURCE LINK: http://www.cnbc.com/2016/02/02/how-fraudsters-are-getting-around-chip-n-pin-cards.html
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