| Most of our transactions are now made electronically, | | | | provide comprehensive credit card fraud protection, |
| by credit or debit card. It is getting to the point where | | | | and don't hold you responsible for purchases you don't |
| cash has become obsolete. Why risk carrying a few | | | | make. If you notice strange transactions being made |
| hundred in cash on you when there is the risk of losing | | | | you can just call up your credit card company and |
| your wallet or getting robbed? When you lose cash | | | | they will waive those charges and begin an |
| there is nothing you can do to see it again. | | | | investigation. |
| While this dependence on electronic transactions is | | | | This is a huge step in the right direction, but consumers |
| mostly a good thing, it does have some downsides. In | | | | are still a long way from being protected from identity |
| recent years, credit card fraud and identity theft are | | | | theft. This is a crime that is similar to credit card fraud, |
| quickly becoming the most common white-collar | | | | but taken to the next level. Instead of stealing your |
| crimes. | | | | credit card number, they steal your identity and use |
| In the past all a criminal had to do to commit credit | | | | that to get credit by pretending to be you. |
| card fraud would be to get a hold of your credit card | | | | The credit card fraud insurance provided by banks |
| number and expiration date. If you didn't have credit | | | | and credit card companies usually does not help with |
| card fraud insurance you would usually be stuck with | | | | this situation, because it looks like you are the one |
| the bill. However, credit card companies have done a | | | | asking for, and receiving, the credit. Since the criminal is |
| lot of work in protecting their customers from simple | | | | pretending to be you, you must go through hundreds of |
| credit fraud. | | | | hours or red tape to prove your innocence. A simple |
| Credit cards are now equipped with a security code, | | | | case of identity theft can destroy the credit you have |
| which must be entered for most online transactions. | | | | worked years to build in just a matter of seconds. |
| For cards you already own, most companies now | | | | |