How Major Credit Card Networks Protect Customers Against Fraud

How Major Credit Card Networks Protect Customers Against Fraud
A cashier uses a credit card reader to charge a credit card from a customer for payment in a file photo. Joe Raedle/Getty Images
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By Tim Maxwell From Bankrate.com

Credit card fraud ranked as the second most common form of identity theft in 2020, according to the Federal Trade Commission (FTC), trailing very close behind government/benefits fraud. The agency fielded 393,207 reports last year, up 45 percent from 271,823 in 2019, from consumers whose credit card accounts were compromised or who had new lines of credit opened in their name.