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Due to the zero liability policy supported by most online credit cards issuers, in the event that your plastic is nicked by a card thief you`re usually liable for a miniscule part of the unauthorized purchases - if any. Even in the eventuality that a card thief charges thousands of dollars` worth of goods on your charge card, a zero liability guarantee makes sure you don`t have to fork out your money to cover it.

Aside from the inconvenience to you, other parties are also affected by your stolen online creditcards. The merchants that accepted the stolen card (not knowing it was being used by someone other than the cardholder, obviously) are forced to write off the cost of the articles purchased with the online creditcard, and also have to expend a lot of effort and a chunk of time as they attempt to recoup at least a part of their financial damages.

Do you know who bears the brunt of the financial damages caused by fraudulent use of stolen creditcards online? If the cardholder who`s the victim of card theft is not obliged to foot the bill for the unauthorized charges; and since the thief is rarely identified and apprehended; and the retailers are out of pocket on the goods that were charged to pilfered online creditcards -- who, then, foots the bill for all these financial losses? Consumers. Merchants inflate the price of merchandise, while charge cards providers escalate their rates of interest, along with credit charges to help compensate for stolen cards.

So this is where things stand: although the cardholder of the stolen online creditcard isn`t required to foot the bill for the unauthorized charged amounts, all other cardholders -- who`re already paying for the goods or services they purchase -- are saddled with paying larger charges in order to compensate for the stolen cards.

Statistical analyses released by the Retailers` Association draw attention to an annual inventory loss exceeding 37 billion dollars nationwide, resulting from theft by staff members, shoplifters, fraud perpetrated by merchants, plus clerical and administrative mistakes.

The Vice President of Loss Prevention for the NRF (National Retail Federation), operating from the capital city of the United States, reported that the NRF has developed a procedure which law enforcement groups and commercial enterprises will be able to utilize to keep tabs on nationwide theft. The Attorney General`s officers aren`t directly involved in arresting and initiating legal proceedings against persons implicated in card theft and shoplifting, although each state`s law enforcement authorities do help those (individuals as well as business establishments) who`ve been victimized by this kind of criminal activity. The local law enforcement handles the legal proceedings. While the goal is advocating consumer rights, that doesn`t have to mean that to represent consumers we have to be on the opposing side of merchants and retail outlets.

Statistical findings indicate that just about 1 of every 8 or 9 instances of creditcard scams are reported to the consumer protection bureau in the state. Rip-offs and fraudulent activities are extremely common -- even more than most Americans truly comprehend. There`s hardly a week that passes when they don`t have at least one person who says they`ve been victims of such a scam.



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