Mark Hauser is the Co-Managing Director of Hauser Private Equity
Title: Mark Hauser on credit card fraud and its prevention
Mark Hauser is the co-managing director of Hauser Private Equity. Here he outlines initiatives for combating credit card theft as American customers continue to swipe or touch their cards for goods, meals at restaurants, home furnishings, and other expenditures. However, credit card theft has been a growing problem for American customers.
Mark Hauser highlights four credit card fraud types.
- Fraud involving lost or stolen credit cards. It occurs when a store employee or online retailer permits someone to use a stolen credit card to make purchases, resulting in the theft of the card.
- Card not present scam
It’s a form of credit card fraud where the card is used online or elsewhere without the cardholder or card present physically.
- Cloned card fraud is a sort of credit card fraud in which the magnetic stripe’s data is duplicated to produce a fake card.
- New Account Scam
This credit card fraud type involves the exploitation of the victim’s identity to create new accounts without the victim’s knowledge or consent.
How to spot a credit card scam
Banks frequently utilize transaction monitoring systems to examine the data in transaction records, which may contain the retailer’s address where the purchase was made; if unusual occurrences are noticed, the bank will call the cardholder for verification.
The cardholder may keep an eye out by regularly monitoring account balances through online banking, learning more about potential frauds, and asking for verification for amounts exceeding the card’s set limit.
Mark Hauser gives several ways to reduce credit card scams.
Limit online purchasing to safe sites, avoid saving credit card information online, and use separate passwords for each account. Only be on the lookout for insertion places for card skimmers, don’t utilize free WiFi to make card transactions, and always maintain constant eye contact with your card.
Title: Mark Hauser on credit card fraud and its prevention Mark Hauser is the co-managing director of Hauser Private Equity. Here he outlines initiatives for combating credit card theft as American customers continue to swipe or touch their cards for goods, meals at restaurants, home furnishings, and other expenditures. However, credit card theft has been…