Not many people know this, but the Canadian banking industry loses hundreds of millions of dollars to credit card fraud each year.
Toronto (PRWEB) July 12, 2012
Art Branch, Inc., the parent company of CreditCardReview.ca announced today the publication of a new infographic (http://www.creditcardreview.ca/credit_card_fraud_canada_infographic.php), targeted at credit card holders in Canada.
Developed by the web design and content development teams at Art Branch, Inc., the infographic uses data by the Canadian Bankers Association. It is a valuable addition to CreditCardReview.ca, which helps Canadians to make wise credit card choices.
“Credit card fraud is a serious problem, which affects many Canadians. Not many people know this, but the Canadian banking industry loses hundreds of millions of dollars to credit card fraud each year.” said Peter Todorov, President of Art Branch, Inc.
The infographic gives a snapshot of credit card fraud in Canada, along with total annual losses and average loss per account. It provides data on the yearly losses of the banking industry due to cross border and domestic fraudulent transactions, account takeovers, fraudulent applications, and other fraud. In addition to highlighting the most common forms of fraud, the infographic helps Canadians to get an idea of the costs associated with credit card fraud. Many people are not aware of these crimes, the prevalence and forms of fraud encountered, and the financial impact of fraud on Canadians and the banking industry.
The targets of fraudsters are processors, merchants, hotels and restaurants, and individual cardholders. Criminals and crime groups are organized, operate across borders, and use sophisticated software and tools. What is more, criminal organizations are quick to respond to fraud prevention measures and initiatives. They use a variety of methods for data theft such as malware attacks, ATM skimming, virtual criminal markets, SMSishing and whaling, and many others. Credit card fraud and cybercrime have gained momentum and should be given serious consideration. Being aware of the prevalence and forms of credit card fraud is important as it helps Canadians to avoid becoming a victim of fraudulent transactions.
About CreditCardReview.ca: CreditCardReview.ca is a Canadian credit card directory offering information on the major banks and credit cards in Canada, along with many useful credit card related articles and guides.
About Art Branch: Art Branch Inc., located in Toronto, Ontario, is the publisher of CreditCardReview.ca and has produced several consumer oriented websites targeting Canadian audience. The goal of Art Branch is to provide visitors to company sites with free, useful guides, helping consumers make educated choices.