| November 21, 2016

U.S. Takes the Bronze in Credit Card Fraud

More than 1/3 of the world’s credit card fraud comes from the U.S.

We're responsible for 1/3 of credit card fraud worldwide

It’s a dubious honor, but one the U.S. now holds nonetheless. According to the Nilson Report Americans now represent 38.7% of credit card fraud worldwide. Total losses from credit card fraud reach $22.84 billion worldwide, with the U.S. accounting for $8.45 billion of that total.

What’s more concerning is that cases and losses caused by fraud only seem to be increasing. The number of fraud cases grew by 7.3% since last year and losses grew by 20.6%. Those financial losses were split up between $15.72 billion for card issuers and $6.12 billion for merchants and retailers. The majority of fraud cases come from counterfeit cards used in stores or at ATMs.

You might wonder what this means for new EMV chip credit cards that were designed to help prevent fraud. With all major issuers switching to EMV chip cards over the past year, it begs the question of why fraud cases are increasing. However, EMV chip cards accounted for only 2% of the total fraud cases reported. So while these new credit cards may be troublesome to adapt to for many consumers, the data seems to indicate that this technology works.

“Identity theft is a problem that affects us all. Statistics show about more than 7 in every 100 households has experienced some form of identity theft or fraud,” explains April Lewis-Parks, Financial Education Director for Consolidated Credit. “So while new technology on credit cards can be problematic for consumers to adapt to, the measures are worth it in the end if it protects card users.”

Tips for preventing credit card fraud

Credit users are at higher risk for fraud simply because they have more accounts that can potentially be accessed and used. If you use credit cards, then you need to take these steps to ensure you protect your accounts from unauthorized access and usage:

  1. If all of your credit cards have not yet been updated to EMV chip cards, call the credit issuer to ask when they plan to upgrade to EMV
  2. Follow best practices for of identity theft when shopping in stores or online.
  3. Check your credit report at least once per year to ensure you recognize all of the accounts listed. Since counterfeit cards are a leading cause of fraud, you want to ensure no new accounts have fraudulently been opened in your name. Got to com to download a free copy of your credit report once per year; this is the government-mandated credit report site, so there are no strings attached.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation