News

Credit Card Fraud Increases over 100% from 2019 to 2020

Via CreditCardInsider

The FTC has found that credit card fraud has increased by 104% from Q1 2019 to Q1 2020, a huge spike compared to the previous two years (where it increased just 27%).

The Issue

The FTC has published new data tied to various kinds of identity theft and fraud and found that credit card fraud has increased dramatically compared to other kinds of fraud. The most common type of credit card fraud was having cards opened in someone else’s nameā€”over a year-long period from 2018, it increased 88% with 246,000 cases reported.

The data also showed trends by age:

  • People age 20-69 were most likely to report fraud pointing to a website.
  • People age 70+ were most likely to report a fraud case that happened over the phone.
  • People over 30 were most likely to become a victim via their own credit card payment.

Your Move

The FTC recommends people secure key pieces of personal details: Social Security Numbers, Annual Income Data, their cost of rent or mortgage, and other personal details like birth dates, PINs, and more.

They warn victims against giving out these details, especially over the phone and also recommend using some kind of credit monitoring service that will allow you to see or know when a new line of credit has been opened up in your name.

Another helpful tip is to use credit cards whenever possible as debit cards have fewer protections, making it harder to recover lost funds in case a problem arises. The FTC also points to using Virtual Credit Cards, which hide your actual credit card details when paying online. For debit cards, you can also use a service like privacy.com

For more details on credit card fraud and more tips to protect yourself, visit Credit Card Insider.

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