Michigan Credit Card Processing | Credit Credit Card Fraud in Detroit, Michigan

Credit Credit Card Fraud in Detroit, Michigan

Credit card is become a major issue that Michigan credit card processing companies have had to deal within the past few years.  With the economy at an all time low credit card processing companies have seen a large increase in credit card or debit card fraud.  The credit card processing companies have seen the largest increase in fraud in the United States in the states of Michigan and California.  They have started taking extreme measures to try to help retailers to prevent these types of fraud and have also begun to punish retailers who are involved the most with these fraudulent transactions.  Michigan credit card processing companies have seen an increase of fraud across the board but there statistics show some retailers are having a harder problem detecting fraud than others.

Stolen Credit Cards

Credit card fraud begins with stolen credit cards.  There has been a 20% increase in the past year of reported credit card thefts as well as fraudulent transactions associated with credit card theft.   f you have had your credit card stolen is must be reported immediately or the credit card companies can hold you liable if it is never reported.  Some people think they lost there credit card and never report them missing.  60 days passes by and they see transactions on there statements.  Credit card companies are holding there customers responsible for some of these transactions if the card was not reported stolen within a 30 day time period.  One way for retailers to help with the stolen credit cards is to ask for a photo ID or signature ID with the transaction.

Fake or Counterfeit Credit Cards

Another type of fraud Michigan credit card processing companies have been dealing with has been the use of fake or counterfeit credit cards.  You can buy a machine that can make a credit card for under $2,000.  This machine has cards that can be purchased that have a magnetic strip on the back as does a normal credit card with the information of someone else’s account number.  The credit card even has the criminals name and signature on the back except the information on the card takes the transaction off of someone else’s account.  Michigan credit card processing companies have dealt with this type of credit card by involving the FBI which in turn have arrested more than 30 credit card crime ring in Michigan alone.

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