Credit-card fraudsters are everywhere these days, but when it comes to targeting victims, they have a special fondness for Americans.
Nearly half of all the credit card fraud around the world occurs in the U.S., even though America accounts for only about a quarter of the global card volume, according to a new report from Barclays.
The increasing instances of credit-card fraud—and the subsequent hassles, like not being able to use our credit cards or having to replace them more often—are mostly due to the fact that the U.S. still relies on old, faulty technology that the rest of the world moved on from years ago.
In the U.S., credit cards still transmit financial information through a magnetic stripe that is easy to replicate if stolen. Hackers also can remotely install malicious software onto checkout terminals at retail stores to capture credit-card numbers. The data gets transmitted to the cyber criminals, who then sell the information to the highest bidder.
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