Credit card fraud is a looming financial specter that can seemingly take away our financial security at any moment. The prevalence of credit card fraud has become so undeniable that financial leaders like Mark Hauser of Hauser Private Equity are weighing in on its impact and how to avoid the process entirely.
Let’s learn a little about Mark Hauser, credit card fraud, and how to best secure our financial interests in today’s dramatically different digital shopping world.
What Is Credit Card Fraud?
Credit card fraud is easy to identify, though much harder to define. Credit card fraud pertains to any number of incidents involving the lost, stolen, or otherwise illicit use of an individual’s credit card. If I left my credit card on the countertop of a restaurant and someone else took it and used it, that would be credit card fraud. With that being said, credit card fraud is also a lot more tricky.
Some forms of credit card fraud that Mark Hauser notes include
- Hacked Data – Data breaches and data leaks are one of the most common forms of credit card fraud. Make sure that you trust the institution that stores your financial information.
- Cloned Cards – An innocuous machine skimmer can lead to the illicit cloning of your credit card. Machine skimmers are hard to identify, so make sure to brush up on what they look like.
Don’t Become a Victim of Credit Card Fraud
If you want to avoid becoming a victim of credit card fraud, Mark Hauser suggests becoming familiar with how to overcome the problem in its entirety. The vast majority of credit card fraud cases are relatively easy to solve, so make sure to help yourself by remembering the following tips and guidelines.
Mark Hauser suggests a few ways to diminish the odds of becoming a victim of fraud:
- Avoid Unsecured Shopping – Are you in public and borrowing the coffee shop’s WiFi to make a quick purchase? Maybe think again. Utilizing unsecured wireless networks can lead to a data breach that opens you up to a potential hacker. Stick to secured networks.
- Never Save Details Online – While it may seem convenient to save your credit card details online, perhaps consider avoiding the risk entirely. A breach of a merchant’s website can lead to the leaking of financial details that put you in harm’s way.
- Contact the Authorities – If your card has been lost, hacked, or stolen, it is time to contact the appropriate authorities. File a police report if necessary before contacting the FTC to install fraud monitoring services.
About Mark Hauser
Mark Hauser was born in Cincinnati to Art and Joan Hauser. Attending and graduating from Miami University of Ohio would secure Hauser his degree in finance. Upon graduation, Hauser found himself operating as the Vice President for Reynolds, DeWitt & Co. By 1995, Hauser would purchase the foundation of what would become The Hauser Group, his leading national risk management and brokerage firm.