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Credit Card Theft Hurts Retailers And Credit Card Consumers

Thanks to the zero liability policy offeredof over $37 billion nationwide for theft from
by most credit card issuers, if your creditemployees, shoplifting, vendor fraud and
card is stolen you're typically only liableadministrative  errors.
for a very small portion of the unauthorized
purchases- if any. Even if a thief chargesThe Vice President of Loss Prevention for the
thousands of dollars on your credit card, aNational Retail Federation based in
zero liability policy means you don't pay forWashington, DC, Joseph LaRocca, said they
it.have developed a system that law enforcement
and businesses can use in order to track
You're not the only one affected by yournationwide theft. It's a secure online
stolen credit card, though. The retailersdatabase system created because LaRocca
who accepted the stolen credit card (notinsists that the issues of theft, fraud and
knowing it was stolen, of course) lose pricescams  effect  everyone.
of the merchandise purchased with the credit
card, and also considerable amounts of timeAttorney General Long, and the office of the
and effort as they attempt to recover some ofAttorney General are not directly involved in
their  costs.the prosecution of shoplifters and thieves,
but the state assists people and businesses
Who do you think pays for the costs of creditwho have been targets of such crimes. The
card theft? If the cardholder of the stolenlocal law enforcement handles the
credit card is not required to pay for theprosecution. While the goal is to be
unauthorized charges; and the thief is rarelyadvocates of consumers, Long realizes that
caught; and the retailers are out thedoesn't necessarily mean in order to do that
merchandise that was purchased with thewe have to be on the opposing side of
stolen credit card- who pays for all of thesemerchants  and  retailers.
financial damages? Consumers. Retailers
raise their prices and credit card issuersIt's estimated that only about one out of
raise their interest rates and fees to helpevery eight or nine cases of fraud are
compensate  for  credit  card  theft.reported to the state's consumer protection
office. Scams and fraud are extremely
So while the cardholder of the stolen creditcommon, and more so than most people fully
card doesn't pay for the unauthorizedunderstand. Long says, "There is not a week
purchases; the rest of the consumers who arethat goes by that we don't have at least one
already paying for their purchases are payingperson who says they've been a victim of such
higher fees to compensate for the stolena  scam."
cards.
Under laws in South Dakota, retailers can
Attorney General Larry Long spoke to theattempt to recoup lost merchandise and
South Dakota Retailers Association about lossexpenses from the thieves. In order to
prevention in Sioux Falls on April 3, 2007.effectively do this, Long believes that
Long says that retailers need a plan for howretailers must have a plan in place to catch
to catch shoplifters, in order to alleviateshoplifters.
some of these escalating costs. The seminar
that Long spoke at was sponsored by the SouthA plan would require retailers to effectively
Dakota Retailers Association and aimed toand properly detain thieves until law
assist retailers for developing strategies toenforcement arrives once they are identified
stop  theft,  fraud  and  scams.as thieves, and as Long suggests, there
should be a standard policy in place for
Statistics provided by The Retailers'handling such activity.
Association indicate an annual inventory loss



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