Credit card victims treated as idle gaff

Posted 2008-02-9

As the frequency of credit card fraud cases continue to increase, they are strangely being viewed as victimless crimes, reports say.
Danny Harrison, a security expert with protection firm CPP, noted that more people are beginning to see credit card fraud as less of a crime because individuals seldom lose financially.
Consumers are warned to be careful with their credit cards and to report missing or lost cards immediately to banks to keep their credit secure.
Levels of credit card fraud are high because those committing it do not feel they are injuring anyone, Mr. Harrison explained. He further offered, “What’s happened is credit card fraud is moving more and more in to becoming what’s viewed as a victimless crime because the fraudster sees that it is the bank that pays and not the individual and in the majority of cases that’s true.”
However, this ‘victimless’ sentiment could not be further from the truth. All monies are tied together in one way or another. Although banks may cover financial losses associated with credit card fraud, eventually the cost of the coverage will be recovered, ultimately coming from consumers, either directly back to the banks by way of higher lending rates or possibly through the insurers of the banks. But rest assured, credit card fraud should be taken very seriously since the practice leads to larger and more sticky crimes against individuals.
Iain Wrenshall, director of Debt Help UK, recommends debt consolidation loans for those struggling to recover from financial troubles.

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