CreditCardReview.ca New Infographic Addresses the Prevalence of Credit Card Fraud

The Canadian banking industry suffers huge losses due to fraudulent activities in the underground marketplace.

Art Branch, Inc., the parent company of CreditCardReview.ca announced today the publication of a new infographic (http://www.creditcardreview.ca/credit_card_fraud_canada_infographic.php), targeted at credit card holders in Canada.

Developed by the web design and content development teams at Art Branch, Inc., the infographic uses data by the Canadian Bankers Association. It is a valuable addition to CreditCardReview.ca, which helps Canadians to make wise credit card choices.

“Credit card fraud is a serious problem, which affects many Canadians. Not many people know this, but the Canadian banking industry loses hundreds of millions of dollars to credit card fraud each year.” said Peter Todorov, President of Art Branch, Inc.

The infographic gives a snapshot of credit card fraud in Canada, along with total annual losses and average loss per account. It provides data on the yearly losses of the banking industry due to cross border and domestic fraudulent transactions, account takeovers, fraudulent applications, and other fraud. In addition to highlighting the most common forms of fraud, the infographic helps Canadians to get an idea of the costs associated with credit card fraud. Many people are not aware of these crimes, the prevalence and forms of fraud encountered, and the financial impact of fraud on Canadians and the banking industry.

The targets of fraudsters are processors, merchants, hotels and restaurants, and individual cardholders. Criminals and crime groups are organized, operate across borders, and use sophisticated software and tools. What is more, criminal organizations are quick to respond to fraud prevention measures and initiatives. They use a variety of methods for data theft such as malware attacks, ATM skimming, virtual criminal markets, SMSishing and whaling, and many others. Credit card fraud and cybercrime have gained momentum and should be given serious consideration. Being aware of the prevalence and forms of credit card fraud is important as it helps Canadians to avoid becoming a victim of fraudulent transactions.

About CreditCardReview.ca: CreditCardReview.ca is a Canadian credit card directory offering information on the major banks and credit cards in Canada, along with many useful credit card related articles and guides.

Taking out a Loan to Buy Land

A land loan allows the borrower to buy a plot of land and build a home in the future. As a rule, the interest rate and down payment are higher than for conventional mortgages.

Financing for unimproved real estate is largely a local marketplace. This is unlike mortgages where competition is intense, with different financial institutions offering loans. Financing often comes from the seller, and the terms and interest rate are negotiable. A 20 percent down payment is usually required, and the seller holds a note for the balance. Another option is to apply for a home equity loan, especially if the sales price is not high. The mainstream financial institutions are not big players when it comes to buying land; so, you may want to look for financing from a community bank. The title insurance companies and real estate agents in your area should know which financial establishments offer loans for land.

As a rule, you will have a better chance of getting approved if you plan on building a personal residence, there are improved properties nearby, and you make it clear that you will apply for a construction loan as well. If you plan to build in three months, you can do a 90-day note. In this way, the amount due will be rolled into a construction loan, and you will pay interest only.

It should be noted that different factors impact the terms and conditions, including the intended use, the zoning, and the size and location of the parcel. Some banks charge the same points and interest rate for the purchase of row land and for construction. The loan can be interest-only or amortized over a pre-agreed term. This depends on the borrower’s financial circumstances and needs.
Financing is usually offered to self-employed and salaried people who seek to buy a residential plot of land. Some financial institutions require that the property to be financed is within municipality limits. Loans are mainly offered for the purchase of residential and not agricultural land. Furthermore, some financial institutions require that the borrower begins construction within a specified period of time, which can be from 6 months to 1 year. For more information go to http://www.yourloan.ca/