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Thanks to the zero liability policy offered by most online credit cards companies, in the event that your card is pilfered by a card thief you are usually required to pay only a miniscule part of the thief`s unauthorized purchases - if you`re liable at all. Even in the eventuality that a person who has stolen the card charges thousands of dollars on your credit cards online, a Zero Liability guarantee ensures you don`t pay for it.
You`re not the only one affected by your stolen online creditcard, though. The retailers or service providers who accepted the stolen card (not realizing that it was being used fraudulently, naturally) lose the cost of the merchandise bought on the online credit cards, not to mention putting in a lot of follow up for who knows how long, as they attempt to recover some of their financial losses.
Do you know who pays for the financial damages caused by stolen creditcard online and its misuse? Since, on account of the zero liability policy, the person whose card was stolen is not required to square the fraudulent purchase transactions; and since the thief is seldom identified and apprehended; and given that the vendors are out of pocket on the articles that were purchased with pilfered credit cards online -- which entity bears the cost of all these monetary losses? It`s the consumers. Vendors raise their prices, and citibank mastercard companies escalate their interest rates and credit fees in order to make it possible to cover the losses from stolen cards.
This is the bottom line: while the cardholder of the stolen charge cards isn`t liable to foot the bill for the unauthorized purchases, the rest of the consumers -- who`re already paying for their purchases -- end up paying escalated credit rates and charges to compensate for the stolen cards.
The Retailers` Association has conducted several studies whose findings draw attention to an annual inventory loss of more than 37 billion dollars nationwide, resulting from thieving employees, shoplifters, vendor fraud, plus clerical and administrative errors.
The Vice President of Loss Prevention for the National Retail Federation (NRF), with headquarters in Washington, D.C., stated that they`ve set up a procedure that law enforcement and businesses will be able to utilize in order to keep tabs on nationwide theft. The Attorney General`s staff members aren`t directly involved in arresting and initiating legal proceedings against shoplifters and thieves, although individuals and commercial establishments that have been victims of this criminal activity do get state assistance. The local law enforcement group handles the prosecution. While the purpose is to represent the rights of consumers, this doesn`t really denote that to represent consumers we`ve got to take a stand against merchants and retailers.
It`s estimated that just approximately 1 of every 8 or 9 instances of charge card scams are brought to the notice of the consumer protection bureau in the state. Cons and fraudulent practices claim a lot of victims -- and more so than most Americans truly comprehend. There is not a week that goes by that law enforcement groups don`t get a report of some kind of con job or fraudulent activity by at least one cardholder.
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