Credit And Debit Card Fraud In Texas

The use of cash is on a declining trend worldwide, and the United States has followed suit, as electronic transfer of funds through credit and debit cards has widely replaced the transfer of hard currency for goods and services. According to a 2012 Javelin Strategy & Research study, credit cards now account for 29 percent of purchases, debit cards account for 31 percent, and prepaid and gift cards account for 6 percent. It's easy to see why credit and debit cards are growing more popular than cash.

It's easier to carry, and easier to track spending with. However, just like cash can be stolen, credit and debit cards can be, as well -not just the physical card, but the information used to operate the card, as well. Texas law has tough laws against credit card fraud, laws that, as credit card use increases, are bound to be more utilized.

When the actual physical card is stolen, the resulting charge could be fraud. Once stolen, credit cards are easy to use. The only security measure for most purposes is a signature, which can be easily forged, and the card can often be used frequently until the owner discovers it missing and cancels it. Though debit cards often require a PIN number, they can frequently be simply used as a credit card.

It's also possible to use the information from another's account in a fraudulent manner. There are many ways to obtain account information fraudulently. For instance, "phishing" is the act of sending emails that appear to be from a merchant and ask for credit card or other personal information. The practice of "skimming" is stealing account information during a legitimate transaction, and can be as easy as a waiter copying down the information from your card before returning it to the diner. There are also high-tech devices designed to steal information.

Texas Penal Code Section 32.31 makes it illegal to use the card without consent, regardless of whether or not the accused has the physical card. It's also a crime under the same law to use technology to create a counterfeit account. On the opposite end, if a person actually owns a card and uses it when he or she knows it is expired, canceled or revoked, that person could face charges of credit card abuse. The law presumes that a person knows if the credit card company has issued notice of the expiration, cancellation or revocation.

We spent 60 hours researching identity theft protection services before narrowing our list down to the best companies. We couldn’t test them in a real-world scenario, since that would involve actually getting our reviewer’s identity stolen. Instead, we found comparable plans and contrasted the features each one offered. One of the most important things to look for is how quickly the service will notify you about potential fraud and the methods used to notify you.

The best services will call or text you. Many services also have mobile apps that notify you about potential fraud. These will let you say whether a transaction or loan application is approved and, if not, begin the process of rectifying the fraud. You’ll also want a service that notifies credit bureaus about fraud, this will save you from contacting the bureaus yourself.

As an added bonus, identity theft protection services often include an element of credit monitoring. Because your credit score can be affected by fraud, you’ll be given access to three-bureau credit reports more frequently than the once a year mandated by federal law. Many services also let you monitor one of your scores monthly.

In the event that your identity is compromised, these services offer recovery services. Look for services that include restoration services, which means you’ll be connected with a specialist who will fill out paperwork and make the necessary calls to help recover your identity. How Much Does Identity Theft Protection Cost, 30 a month for an identity theft protection subscription. 20 and usually monitor your bank accounts and credit reports for fraudulent activities. The more expensive plans include dark web searches, three bureau credit reports, notifications about activity on your investment accounts and alerts about crimes carried out in your name.

If you run a business, then you know this in a hurry. But what options do you have, If you run a business, then you know this in a hurry. But what options do you have, After all, you don't want to move to cash and check only, because you limit the convenience to your customers and the reach of your business's profitability. It's far better to enter the shark infested waters of commerce and fight to be the top fish in the sea.

To do so, you'll need to be mindful of the ways that thieves operate, and you'll need to stay ahead of the game when it comes to defeating their efforts. Chargeback results Chargebacks are perhaps a business owner's worst nightmare because they represent a sale lost along with missing merchandise.



Bad reputationIf you burn your potential customers by serving the people, who are stealing and using their cards, then you quickly develop a reputation as a business that is lax on customer protection. If a person does not feel safe doing business with your company, then he won't. But the carnage doesn't end there.