How Do Credit Card Companies Spot Fraud?
If you're not taking the problem of credit card fraud seriously, consider these numbers: According to CreditDonkey.com earlier this year, 46% of Americans have fallen victim to credit card fraud in the past five years, and it's estimated that losses from credit card fraud exceeded $24 billion in 2016.
Thus, it's not surprising that banks spend a lot of energy detecting fraud. Here's a closer look at how they and credit card companies spot fraud, such as by looking for instances when a purchase is made in an unlikely location or for an unusual amount or when transactions occur at odd times. We'll review what you can do to better protect yourself, too.
Image source: Getty Images.
Source: Fool.com
