Credit Cards Online Information

Combined losses for the credit card industry and individual cardholders are running in excess of $2 billion annually.

COVERAGE CONCERNS

The Technological Revolution is greatly improving the working and living activities of people all over the world-as did the earlier Industrial Revolution. We who are involved in publishing and printing know this well because advances in electronic equipment, procedures and services have changed how we do business.

As with all good things, there are some drawbacks. The unauthorized use of credit cards, often initiated by sophisticated credit card fraud groups, has skyrocketed. The Federal Trade Commission reports that combined losses for the credit card industry and individual cardholders are running in excess of $2 billion annually. The problem is currently exacerbated by the innovative and rapid increase in credit card purchases online.

Knowledge of the misfortunes of others can help us avoid pitfalls, for example, from following and reporting court decisions involving insurance coverage. On a personal note, my daughter has authorized me to tell what happened to her several weeks ago, to acquaint you with security measures that can minimize the risk of loss associated with credit card use.

Checking the items in her American Express card statement, she found an $830 airline ticket charge of which she had no knowledge. The merchant, specializing in airline and other travel arrangements, had handled the transaction at its Web site. My daughter called American Express immediately.

The upshot was that she received a replacement card with a new number within 36 hours via air express. This was followed by calls and letters confirming that the charge was removed from the account and that the matter was being vigorously pursued by the card company's fraud operations division.

The merchant supplied the details of the transaction.

The name of a stranger identified was the passenger, method of ticket delivery was "electronic," and instructions were given to bring a photo ID to the airport check-in.

# posted by Medical Information : 6:12 AM