Credit card fraud is rapidly on the rise globally. According to the Nilson Report, global credit card losses are expected to reach $35 billion by the end on 2020.
In the UK alone, the number of thefts relating to credit card data doubled in just a 10 month period (reported by The Independent).
It is the number one type of identity theft fraud, and everyday more and more people are susceptible to becoming a victim.
How Does Credit Card Fraud Happen?
Credit card skimming is a type of credit card theft where crooks use a small device to steal credit card information in a legitimate credit or debit card. When a credit or debit card is picked up by a skimmer, the device captures and stores all the details stored in the card's magnetic stripe. This only takes a matter of seconds, in the same manner a contactless payment would.
The stripe contains the credit card number, expiration date, and the credit card holder's full name and address. Thieves use the stolen data to make fraudulent charges either online or with a counterfeit credit card, or sell the stolen data on the dark web.
Victims of credit card skimming are often unaware of the theft until they notice unauthorized charges on their account, have their card unexpectedly declined, or receive an overdraft notification in the mail.
How Do I Protect Myself?
The Opulent, our premium wallet crafted from aluminium, helps stop your cards being skimmed, with it's built-in RFID Blocking Technology. The Opulent works by acting as a faraday cage, which creates a screen around your cards which stops electromagnetic fields interacting with your card.
The Opulent contains a jamming device that is activated automatically when someone tries to scan you cards in its proximity.
With five premium colours to choose from, rest assured that your cards will be carried in safety and style. We also offer free shipping and a lifetime guarantee on all of our products.