United States Leads the World in Credit Card Fraud

Wednesday, November 23rd, 2011
Updated: November 23rd, 2011
The content is accurate at the time of publication and is subject to change.

Data gathered by The Nilson Report reveals the United States to have the highest occurrence of credit and debit card fraud of any other country across the globe.

According to findings recently released by The Nilson Report, America is now the leading country across the globe in credit card fraud. Forty-seven percent of the world’s credit and debit card fraud occurs in the United States. That figure is even more staggering considering that the U.S. only generates some 27% of the “total volume of purchases and cash” in the world, as per the press release.

The publisher of The Nilson Report, David Robertson, explained that what is happening is that while European, Asian, Middle Eastern and African banking institutions have be quick to implement tougher security measures including embedding cards with microchips and requiring that cardholders punch in single-use passwords for transactions where the card is not present, American banks have been reluctant to adopt stricter security technologies for fear of upsetting cardholders.

In Manhattan, a credit card fraud ring was just exposed wherein servers at high-end restaurants were skimming customers’ cards. The scheme, which has allegedly been operating since April of 2010, affected over 50 American Express accountholders in restaurants in Manhattan, New Jersey and Connecticut.

Thieves used the stolen account information to purchase high-end luxury goods which were then sold for roughly 50% of the retail price. The investigation is under continuation and is being led by the Manhattan District Attorney Cyrus Vance in cooperation with the New York City Police and The U.S. Secret Service.

“Every day, hardworking New Yorkers find themselves the victims of identity theft… It can take often take years to have their credit restored,” said Vance in a statement, according to the Gant Daily.

The serious issue of credit card fraud can negatively affect victim’s credit scores. Crooks are growing more and more sophisticated and can wreak havoc on an innocent person’s credit report by doing such things as applying for multiple cards and changing the billing address attached to the account.

While laws are in place to limit the amount of financial responsibility victims must assume for any fraudulent charges made using their credit or debit card information, they still face the necessity of negotiating with the three major credit reporting bureaus to erase all black marks from their record. Recovering from fraud can take a long time and put obstacles in the path of victims who are looking to secure a loan.

It is a wise move for all consumers to carefully investigate their credit card statements, keeping an eye out for unfamiliar activity.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Other Card News

Tuesday, June 20th, 2023

A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]

Saturday, December 26th, 2020

2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]

Friday, September 11th, 2020

Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]

Thursday, August 27th, 2020

This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]

Saturday, March 7th, 2020

A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.

Best Credit Offer
Surge® Platinum Mastercard®
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Group One Freedom Card
Copyright © 2001-2024 BestCreditOffers.com All Rights Reserved.

See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by BestCreditOffers.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.