Credit card fraud will increase due to the Covid pandemic, experts warn

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Credit card fraud will increase due to the Covid pandemic, experts warn
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Credit card fraud will increase due to the Covid pandemic, experts warn investinyou (In partnership with acorns.)

data. The United States alone is responsible for more than a third of the total global loss, making it the most card fraud-prone country in the world.

Credit card fraud impacts consumers, merchants and issuers alike. Its economic cost goes far beyond the cost of illegally purchased merchandise. Businesses often spend millions to protect themselves from fraud. While the Fair Credit Billing Act, the Electronic Fund Transfer Act and the Truth in Lending Act, the latter two known as, are designed to protect consumers from card fraud, some experts say they are not enough to protect smaller businesses from the chargebacks caused by fraudulent transactions.

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