How often does credit card fraud get caught?
Published on: May 10, 2023
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Credit card fraud is a serious issue that affects millions yearly. While the exact number of credit card fraud cases that get caught is challenging to determine, it is clear that the majority of fraudsters are never caught. Let’s explore how often credit card fraud gets detected and provide tips on how to protect yourself against credit card fraud.

How Often Does Credit Card Fraud Get Caught?

The truth is that most credit card fraud cases go uncaught. According to the Federal Trade Commission, only about 14% of identity theft cases involve credit card fraud; of those cases, only about 25% result in an arrest or conviction. That means that the overwhelming majority of credit card fraud cases go unpunished.

There are a few reasons why credit card fraud is difficult to catch. For one, it’s often difficult to trace the source of the scam. Fraudsters often use stolen credit card numbers to make purchases, which can be challenging to trace back to the individual who committed the fraud. Additionally, fraudsters may use stolen credit card information to create new credit card accounts, which can be even more difficult to detect.

How to Protect Yourself Against Credit Card Fraud

While it’s difficult to prevent credit card fraud entirely, there are steps you can take to reduce your risk of becoming a victim. Here are some tips on how to protect yourself against credit card fraud:

Check Your Credit Card Statements Regularly:

One of the easiest ways to detect credit card fraud is to check your credit card statements regularly. Look for any unauthorized transactions or charges that you don’t recognize.

Use a Credit Card with Fraud Protection:

Some credit cards offer fraud protection, which can help you detect and prevent fraudulent charges. If your credit card doesn’t come with fraud protection, consider switching to one that does.

Be Careful When Using Your Credit Card Online:

Online shopping is convenient but can also be risky. Ensure you’re only shopping on secure websites, and never enter your credit card information on a site you don’t trust.

Keep Your Credit Card Information Secure:

Be careful with whom you share your information. Only give out your credit card number over the phone or email if you trust the recipient.

Shred Your Credit Card Statements and Other Sensitive Documents:

Shred any documents that contain sensitive information, such as your credit card statements or bank statements. Disposing of sensitive documents can help prevent identity theft and credit card fraud.

Report Suspicious Activity:

If you suspect someone stole your credit card information, immediately report it to your company. They can freeze your account and investigate any suspicious activity.

Use Two-Factor Authentication:

Two-factor authentication adds an extra layer of security to your accounts. Instead of just a password, you’ll need to enter a code sent to your phone or email to access your account.

Credit card fraud is a serious issue that affects millions yearly. While it’s difficult to catch credit card fraudsters, there are steps you can take to protect yourself against credit card fraud. Regularly checking your credit card statements, using a credit card with fraud protection, being careful when using your credit card online, keeping your credit card information secure, shredding sensitive documents, reporting suspicious activity, and using two-factor authentication can all help reduce your risk of becoming a victim of credit card fraud. By taking these steps, you can protect yourself and your finances from the devastating effects of credit card fraud.

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