Credit cards offer a different version of generosity in the holiday season. There are cash back and credit card reward offers springing up all around to attract more spending through swiping. On the other hand this season of giving has in fact also become the time for taking.
This conclusion from PNC is based on its customer reports analysis from 2008 to 2010. PNC, the fifth largest bank in the country has three Visa cards on offer other than its other banking services. PNC did not disclose if the credit cards theft actually took place or the owners just misplaced the cards due to the stress and rush of holiday shopping. This increase to some extend is attributed to the card holders making use their cards more often. Mark Ford, consumer credit and debit card expert of PNC felt that the loss can be prevented many times, if the users follow the simple FDIC recommended security precautions.
Senior specialist of corporate communications, Emily Krull mentioned that the data on stolen or lost cards included PNC’s international clients` reports, but it was not possible for them to identify any specific region or countries which were more affected compared to others. According to Krull, it will not be possible for the company to publish exact figures for the 2011 end holiday period until the beginning of 2012.
As per the Federal law, companies cannot hold customers responsible for over $50 as unlawful credit card charges, in case they are made prior to the card being reported as stolen. In case the card has been reported as stolen prior to the charges made or the card is with the owner and the number is stolen, user will not be accountable for any charges from the company.
Important point to remember for the consumers is to get in touch with the issuing authority as soon as possible if they believe that their card has been stolen or lost for the problem to be sorted. The card can be cancelled to stop fraudsters from using it. It is possible to avert becoming a victim to credit and debit card fraud by following some simple steps.