America leads the way in losses due to credit card fraud. Statistically speaking, it accounted for 47% of the $11.3 Billion in worldwide fraud in 2012.
This was an increase of 15% according to that which was reported in 2011.
American consumers remain targeted because there are more credit cards here and magnetic strip security systems are easy to bypass.
Combating Credit Card Fraud
For the afforementioned reason, many companies are rolling out new security measures. One example, is Target's expenditure of $100 Million in preparation for the new chip and pin cards.
The norm for American credit card protection is defensive, in essence verifying after the transaction that there was no fraud. Other countries have dramatically lowered their losses due to credit card skimming (data theft). They've accomplish this by preventing the fraudulent purchases from taking place by using the chip and pin system. For example, Canada, using the chip and pin system, lowered losses from M$142 to M$38 (a 70% decrease).
These are macro changes that take time to implement. The individual consumer is still vulnerable while these changes are taking place, and even afterwards as criminals find new techniques. An effective way to protect yourself is to never let your data fall into the wrong hands. This effectively postures you to take an active role instead of waiting to react after the damage has been done.
Unfortunately there are many ways to steal data. Some include hacking transaction data (as observed on a massive scale by Target). Others, are as simple as taking someone’s credit card. The latter of which, the chip and pin system hopes to combat by demanding a pin number with every purchase. Another way of taking someone's credit card is by scanning it while it is still in their wallet or purse. This is undetectable until the thief uses the stolen information.
Intercept Technology™ and Credit Card Fraud Protection
Intercept Technology™ offers a credit card sleeve that prevents such scanning. This ensures that your credit card information presents only when and where you decide. Your card will not be vulnerable to being scanned and copied while it is in our Intercept Technology™ credit card sleeve. For either the chip and pin or the magnetic strip cards, your card is inaccessible when inside of the sleeve. Taking an active approach on an individual level is the best way to protect your own data security. Intercept Technology™ is proud to provide a way to help individuals take these matters into their own hands.