American Express was one of the most popular credit cards when they first came out. And they were not far behind in popularity when they launched their new platinum credit card. However, they are now facing a new crisis as a large number of people are being affected by the Credit Card Debt Settlement Fraud. It appears that not enough consumers know that they can actually sue American Express over their fraudulent activities. Let me explain how American Express Lost Credit Card Fraud Works..
American Express is a company that is known for many things including their reliability and their credit card acceptance. When they started offering credit cards with a higher interest rate and a one time fee to transfer your balance from another card, they gained a lot of business. But they soon learned that their customer base was decreasing, and so they started issuing more cards with low interest rates and no annual fee to transfer your balance. They advertised that they were an easy way to get credit without having to pay a cent.
However, they soon found out that not everyone who applied for a new credit card through American Express was approved. They soon discovered that hundreds of people had been fraudulently using this one easy way to get instant credit and money. American Express had to pay out a lot of money in customer refunds and in legal fees for trying to recoup their money. The amount of fraud that American Express had to endure proves how important it is to have a secure card processing system. American Express spent millions of dollars to improve their security system and they still failed.
Now that American Express has solved their credit card fraud problem, they are looking for ways to prevent fraud before it happens. They are now working on adding more security features to their credit cards. However, until they have made these improvements there will always be the threat of someone using a credit card in your name and running up huge charges.
If you are someone who does not use a credit card very much, it may not matter to you that you have had your credit card fraudiled. But if you or someone you know has had the same thing happen to them, then you might feel a great deal of loss. You might even think that it's something that you are responsible for. However, that's not true. Fraud happens everywhere and it does not matter where the credit card used to go.
As long as there are people who use fake credit cards, fraud will continue to happen. Even with American Express wanting to improve their security, they still have a lot to do. If you do business with American Express, you should make sure to check to see if your account has been compromised. If it has been, you should contact your credit card company and they will assist you.