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When you read this paper here before you regarding the question of citi bank credit card services, focus on the way in which its segments complete one another. Thanks to the zero liability guarantee provided by nearly all creditcards providers, in case your plastic is nicked by a card thief you are normally liable for a very small part of the thief`s unauthorized purchase of goods or services - if any. Even if a thief goes on a massive shopping spree by using your online credit card for thousands of dollars` worth of purchases, a Zero Liability guarantee ensures you don`t have to fork out your money to cover it.
You`re not the only one affected by your stolen online creditcards, though. The retailers or service providers who sold goods charged to the stolen card (not realizing that it was being used by someone other than the cardholder, of course) have to kiss goodbye to the price of the articles purchased on the creditcards, and also put in considerable amounts of time and effort in the effort to get back at least a part of their financial damages.
Do you know who is made to bear the financial damages caused by credit card theft? If, as we`ve seen, the person whose card was stolen is not liable to settle the fraudulent purchase transactions; and the person who stole the card is seldom caught; and given that the merchants have to write off the costs of the commodities that were purchased with stolen online credit cards -- who pays for all these financial losses? It`s the consumers. Sellers increase the price of goods, while online credit card providers increase their interest rates, as well as credit fees to help compensate for card theft.
Consequently, while the person whose credit cards online was stolen doesn`t foot the bill for the fraudulent charged amounts, the remaining customers -- who are already paying for their purchases -- end up paying escalated rates and charges to compensate for the card theft.
The Retailers` Association has published statistics that show a yearly inventory shrinkage of more than $37,000,000,000 nationwide, caused by thieving employees, shoplifting, fraud perpetrated by merchants, as well as administrative errors.
The VP of Loss Prevention for the National Retail Federation, operating from Washington, DC, said the NRF has developed a technique which the police and similar law enforcement communities, as well as business groups will be able to deploy to track retail-theft all over America. The Attorney General`s officers aren`t given direct jurisdiction over arresting and initiating legal proceedings against card thieves and shoplifters, but individuals and commercial establishments that have been victims of this criminal activity do get state assistance. The regional law enforcement oversees the legal proceedings. While the aim is advocating consumer rights, this doesn`t necessarily denote that to represent consumers we have to be against vendors and retailers.
Statistics indicate that just about 1 of every 8 or 9 cases of citi bank credit card frauds or scams are notified to the consumer protection bureau in the state. Confidence tricks and fraudulent practices are extremely common -- even more so than most Americans truly comprehend. There is not a week that goes by that law enforcement groups aren`t notified of some manner of hoax, con, or fraud by at least one person or business group.
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Understanding the citi bank credit card services details will aid you to completely understand the significance of this whole topic.
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