Instances of credit card information being used to make fraudulent purchases remains a considerable problem across the country for borrowers and lenders alike.
Currently, 47 percent of all credit and debit card fraud worldwide takes place in the U.S., which is problematic because just 27 percent of all transactions take place within the nation's borders, states a report from the Economist. In all, fraud resulting from stolen card numbers costs companies about $14 billion per year.
However, the U.S. is moving toward more secure credit technology, such as "chip and pin" cards and digital wallets that work electronically, the report added. However, there are still some hurdles to conquer in that regard, and some estimates show that switching the nation's infrastructure over to chip and pin acceptance could cost the industry about $8 billion.
Consumers who want to protect their finances on their own should order copies of their credit reports regularly and scan that document for items that have been unfairly reported. Working with a credit repair law firm may assist in identifying such notations and help to mitigate their impact upon credit scores.