As you work to build your credit to purchase a home, one of the many things you’ll need to keep a close eye on is whether or not your credit has been compromised. Regularly checking your reports is your first line of defense. As you’ll soon learn from these statistics, new technology and payment solutions point to a likely reduction in fraud. However, it’s as important as ever to keep an eye on your report.
Of course the stability of credit card security varies throughout the world. For example, recent statistics in the South African banking sector show credit card fraud losses going up by 23% in 2014. However, MasterCard released a statement that in that same year their fraud levels are at an all-time low around the world. Why? They give credit to new chip and PIN technology for decreasing the amount of fraud.
New methods and technology are constantly being created to try and combat fraud. Modern strategies combine technology and capability while also focusing on functionality and the ease of use for both merchants and consumers. Experts say that every part of the transaction – from the very beginning to the completion of payment – must be a part of the process that identifies fraudulent behavior and protects against it. Online payments in particular must be up to date, while also comprehensive enough that they can handle the demands of business.
Though MasterCard is currently the only credit card issuer officially stating that fraud is on the decline, experts believe it’s likely to continue and that other issuers will soon report similar findings. Issuers have made significant investments into finding reliable and secure payment options while protecting both clients and consumers.
Does this reduction in credit card fraud mean that U.S. consumers no longer need to be diligent about checking their credit report for errors or fraud? Actually, the opposite is true. Though it’s now harder than ever for hackers and thieves to get access to the materials they need to commit fraud, the hackers who are able to do so are more sophisticated as ever. The result is that though it may be less frequent, when it does happen it can be catastrophic.
If you’re concerned about the accuracy of your credit score, or your ability to be approved for a mortgage, contact Leaf Credit Solutions. We can help ensure there are no errors or fraud on your account.