Prevent Holiday Fraud
Click to play audio podcast
- Length: 1:45 minutes (1.6 MB)
- Format: MP3 Mono 44kHz 128Kbps (CBR)
|November 30, 2010
Interview with Robert Boxberger, President of Finsphere
If you do a lot of Christmas shopping with a credit or debit card this year you may end up paying for things you never bought. Here’s how…
When a customer gets their statement in January there are so many transactions that they have to go through and they have to remember what they did 30 days ago, that a lot of fraud actually goes unreported and ultimately paid for by the consumer.
Robert Boxberger, President of Finsphere Corporation which provides fraud prevention products for banks and consumers says these identity theft and credit monitoring companies you can sign up for are actually just watching your credit report for fraud - but that’s not where most fraud occurs.
75% of all identity theft and fraud occurs on existing accounts. So reviewing your financial statements on a monthly basis is paramount and continues to be the number 1 way to fight identity theft.
The people who commit credit card fraud are hoping for and counting on the fact that you won’t check your statement.
Because ultimately at the end of the day the banks rely upon the number 1 fraud prevention service they have, you the consumer to tell them about fraud and unless you are diligent in reviewing your transaction history, every single month, every single transaction – most consumers have paid for fraud and they have no idea that they did it.