On account of the zero liability policy endorsed by most plastic card providers, if your plastic is nicked by a card thief you are usually liable for a negligible portion of the fraudulent purchase of goods or services - if any. Even if a card thief charges thousands of dollars` worth of goods on your creditcards online, a zero liability guarantee makes sure you don`t pay for it.
You`re not the only one affected by your stolen online creditcards, though. The sellers that accepted the stolen card (not aware that it was being used fraudulently, obviously) lose the price of the articles purchased on the creditcards, and also put in a lot of effort and a chunk of time in attempting to recover some of their financial losses.
Do you know who bears the brunt of the expenses of online creditcard theft? If, as we`ve seen, the cardholder of the stolen card will not be obliged to foot the bill for the unauthorized charges; and given that the person who stole the card is rarely caught; and the merchants are forced to write off the price of the articles that were charged to pilfered credit cards -- who pays for all these financial damages? Consumers. Retailers raise the price of goods, and online creditcard issuers hike their rates and credit fees in order to make it possible to cover the losses from card theft.
So this is what it all boils down to: while the cardholder of the stolen online credit card doesn`t take care of the unauthorized purchases, all other cardholders -- who are already shelling out money for their purchases -- are paying steeper credit rates and fees to compensate for the card theft.
The Retailers` Association has conducted several studies whose findings highlight an annual inventory shrinkage of over $37,000,000,000 nationally, caused by theft by employees, shoplifting, fraud perpetrated by merchants, as well as clerical and administrative miscalculations or errors.
The VP of Loss Prevention for the NRF (National Retail Federation), located in Washington, DC, said they have established a tracking system which the police and similar law enforcement communities, as well as business groups can deploy to keep tabs on retail-theft throughout the United States. The Attorney General`s officers aren`t given direct jurisdiction over the prosecution of shoplifters and thieves, but individuals and commercial establishments that have been victims of this criminal activity do get state assistance. The regional law enforcement group handles the legal proceedings. While the goal is advocating consumer rights, this doesn`t really mean that to stand up for consumers we have to be against vendors and retail outlets.
It`s estimated that merely around one out of every eight or nine instances of online creditcard scams are notified to the state`s consumer protection office. Confidence tricks and fraudulent activities are rampant -- and more so than most Americans truly realize. There is not a week that passes when they aren`t notified of some manner of hoax, con, or fraud by at least one person or business group.
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