In the past few years, there have been many stories in the media of fraudulent activities resulting in identity theft, which can have large scale effects on consumers and business leaders alike. Legal and financial ramifications can be detrimental for a number of years.
According to Consumer Affairs, there are a number of cards on the market that can help consumers and businesspeople avoid being taken advantage of by criminals. For instance, cards provided by Discover and American Express often have safeguards that do not hold account owners liable if their numbers are used without authorization.
“They know that no matter what type of card they use or transaction they make, the hit for any fraud that may crop up won’t be theirs to take,” Card Hub CEO Odysseas Papadimitriou told Consumer Affairs.
Experts told the news source that other notable providers like Visa and MasterCard may not offer the same all-encompassing protections on many of their payment options.
Retailers may want to consider advertising cards that can help consumers avoid identity theft, as this often prevents the company from consequences as well. Using best practices when it comes to merchant fraud prevention needs to be central to the strategies of retailers everywhere.
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