As the co-managing partner at Hauser Private Equity with almost four decades of industry experience, Mark Hauser knows a thing or two about the financial world. Born in Cincinnati to former pro football player Art Hauser, Mark would navigate the financial world after graduating from Miami University of Ohio with a Degree in Finance.
Most recently enjoying the categoric rise of Hauser Private Equity, Mark has taken time out of his day to tackle some of the most common and pressing options in the financial world: credit card fraud.
Let’s buckle up and explore the realities of credit card fraud while understanding the dangers that the crime can provide, all backed by knowledge from Mark Hauser.
What Is Credit Card Fraud?
Credit card fraud is a term that refers to several types of crime that involve the illicit use of a credit card. Fraudsters can take advantage of a stolen, canceled, or otherwise revoked credit card to obtain something valuable. As an example, a credit card thief can get a cash advance or make a purchase, sometimes without even having the card in their possession!
While working at Mark Hauser Equity, Hauser had to maintain awareness of the many ways that credit card fraud can impact consumers in every financial bracket. A criminal can adopt an individual’s identity to use it to commit other crimes, thus harming the original victim even more.
Different Forms of Credit Card Fraud
While credit card fraud can be reduced to the illicit use of a credit card, the truth is that there are many more subtypes of fraud than we have explored already. Determined criminals can get creative in the way they take advantage of fraud opportunities, so watch out for the following potential outcomes.
- Stolen/Lost Card – If you forget your card at a payment terminal or simply drop it from your wallet, an opportunistic individual could take advantage. This is one of the most common forms of credit card fraud.
- Cloned Card – Mark Hauser acknowledges the frustrating challenges that technology can impose, pointing to card skimmers and cloned cards as a significant issue for consumers. Fraudsters can use a scanning machine to clone an individual’s card effectively.
- New Account – Potentially the most damaging type of fraud out of them all, new account fraud includes the utilization of a person’s private information to open a new credit card in their name, running up the limit and ruining their victim’s credit score along the way.
Minimizing Credit Card Fraud
Ultimately, Mark Hauser acknowledges that financial fraud is here to stay and that we have to take some ownership over how we prevent ourselves from becoming victims. To best offset potential credit card fraud, it is essential to stay alert for card skimmers, avoid public WiFi for card purchases, and always keep your eyes on your card.
