Until the end of this bank of america visa cards comparison newsletter, you will have gained a sufficient amount of fresh knowledge about this branch of learning to be capable to clarify its most important points to a different friend. Thanks to the zero liability guarantee supported by most credit cards online issuers, in case your card is nicked by a card thief you`re usually obligated to pay only a very small part of the fraudulent purchase of goods charged to the card - if you`re obligated to pay anything at all. Even when a person who has stolen the card goes on a massive shopping spree by using your creditcards online for thousands of dollars` worth of purchases, a Zero Liability policy means you aren`t out of pocket to cover these unauthorized transactions.
You`re not the only one affected by your stolen charge cards, though. The merchants who okayed the purchase transaction on the stolen card (unaware that it was stolen, obviously) have to forgo the price of the articles purchased with the credit card, not to mention putting in a lot of follow up for who knows how long, in trying their utmost to recover at least some of their financial damages.
Who do you think is made to bear the expenses of credit card online theft? If the cardholder of the stolen card is not obliged to settle the fraudulent purchase transactions; and since the person who stole the card is seldom brought to justice; and given that the vendors are forced to write off the price of the articles that were purchased using the stolen online credit cards -- who pays for all of these monetary damages? Customers, that`s who. Vendors inflate the price of goods, while creditcard issuers raise their rates of interest and credit fees in order to help counter the financial damages caused by cards that are stolen.
This is the bottom line: while the person whose online creditcard was stolen isn`t required to cover the fraudulent purchases, all other consumers -- who`re already paying for the goods or services they purchase -- end up paying higher credit rates and fees in order to offset the economic losses arising from the card theft.
Statistical analyses released by the Retailers` Association indicate a yearly shortfall in stocks exceeding 37 billion dollars nationally, due to thieving employees, shoplifting, fraud perpetrated by vendors, and clerical and administrative miscalculations or errors.
The VP of Loss Prevention for the National Retail Federation (NRF), based in the capital city of the United States, stated that the NRF has established a tracking system which the police and similar law enforcement communities, as well as business groups can utilize in order to keep tabs on retail-theft throughout the United States. The Office of the Attorney General is not given direct jurisdiction over arresting and taking legal action against card thieves and shoplifters, but 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 regional law enforcement handles the legal proceedings. While the purpose is to act on behalf of consumers by protecting their rights, this doesn`t necessarily mean that to promote the interests of consumers we have to be on the opposing side of merchants and retail outlets.
Statistics indicate that only around one out of every eight or nine cases of creditcards online frauds or scams are reported to the consumer protection bureau in the state. Rip-offs and fraudulent practices are extremely common -- and more prevalent than most Americans fully understand. There is not a week when state authorities aren`t notified of some manner of hoax, con, or fraud by at least one person or business group.
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