Thieves turn to adding registered users to credit card accounts
A recent report on credit card safety shows that fraudsters are changing the way they approach trying to gain access to a consumer’s account.
According to Javelin Strategy & Research, a regulation requiring card issuers to tell customers when a change of address has occurred has made thieves switch their tactics. Instead, criminals have turned to tacking on additional registered users onto accounts.
The data is part of the firm’s sixth annual Card Issuer’s Safety Scorecard. Through the publication, the top 26 card issuers are rated against standards established by Javelin.
For this report, Javelin included tighter standards for card issuers, while 45 percent of the determining factor in the ratings was associated with preventing fraud.
“While issuers excel in fraud resolution, they must focus more on preventing fraud in the first place,” said Mary Monahan, Javelin research director.
Experts note there are habits consumers can adopt that will help prevent them from becoming identity-theft targets. People should make sure to destroy any unneeded credit card documents properly and should use only secure internet connections when looking at account information online.
Similar Posts:
- Target’s moves send credit card interest rates to 3rd straight decline
- Mailings for credit card offers increase in first quarter
- How the Acceptance of U.S. Credit Cards in Europe Will Reduce Fraud Losses
- Federal Reserve Publishes Regulation II Exempt and Not Exempt Lists
- Your Credit Report Tells Your Financial Life Story
