The global digital payment industry has seen continued expansion, and this trend is expected to continue. In the United States alone, the credit card industry increased sevenfold between 2020 and 2021, according to reports by Statista. The American market enjoys using credit card payments, especially for things like restaurant meals, merchandise, and home furnishings. However, the increasing popularity of credit card payments has also witnessed a rising trend in credit card fraud. Mark Hauser, a private equity principal, gives insight into the intricacies of credit card fraud and offers methods to avoid the same. Credit card fraud, as its name implies, means methods by which people use credit cards for illegal activities. The most common mode of credit card fraud involves a fraudster using a stolen or revoked credit card to get a valuable item. Credit card fraud may also be done without a physical credit card but by using the details in an actual credit card.

Mark Hauser goes on to explain that if a criminal assumes the identity of another individual to obtain their credit card and proceeds to use the same for transactions, then this qualifies as identity theft. Mark Hauser hints to consumers that they should constantly review their accounts to check for any activities. If they find purchases have been made without their knowledge, it is a sign that something fishy may be happening. He also advises that they should use mobile banking applications to monitor account activities. It is a convenient and real-time method of monitoring. He also mentions that individuals should be wary about collection notices for accounts they have yet to open. This is only a sign that someone may have tried to open a new account with a person’s credit card information. The combination of these strategies helps to minimize fraud.

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