If someone commits credit card fraud, who suffers the loss? The cardholder? The merchant? The bank that issued the card? MasterCard Incorporated? I’m sure the answer is “it depends”, but under what circumstances. Are there any statistics as to how often they crooks are successful or how often the crooks are caught?
I live in the Boston suburbs. Tuesday afternoon, my wife received a call from Staples in Kentucky. Sombody was attempting to charge $1000 worth of merchandise and have it shipped to Westbury, NY. I don’t know whether this was a Staples store or the Staples credit card department. I don’t know what would have transpired had my wife not been home to take the call.
No, my wife has not shopped at Target recently.
What is the probability that someone will be caught and prosecuted over this issue? Would this be enough evidence to arrest the recipient in Westbury, NY?
Could it be related to the following: There was one other fradulent charge that day. Someone charged $115 worth of goods at MLB.com (Major League Baseball). Could it be more than a coincidence that my wife charged a Patriots cap at NFL.com the previous day?
Can anyone shed any light on a personal experience which baffles me to this day? I have a MasterCard with a $22,000 spending limit. I never asked for such a high amount. Other than a $5000 vacation, I have never charged more than $2000 at a time. My average balance is usually less than $500. Three years ago, my two adult children and I awoke at 5 am and drove to New York for a 10am event. We paid cash for gas, donuts, and the train tickets, so MasterCard had no way of knowing where we were. After the event, my son wanted to go “shopping” in the diamond district for an engagement ring. He had been shopping at various stores in Boston for a few months, so he was reasonably knowledgable about diamonds. After about 2 hours of shopping, my son selected a $12,000 diamond from a small jeweler. I pulled out my MasterCard and told my son it would be his wedding present. The jeweler took my MasterCard into the back room and returned two minutes later with something for me to sign. The jeweler then told us to come back in two hours while he set the stone. Two hours later, we picked up the diamond and headed back to Grand Central Terminal.
Here is the part that needs explaining: At no time was I asked for ID other than the MasterCard. I fully expected MasterCard to want to talk to me on the phone and ask me where my mother was born or some other security question.