Despite the giant Target hack and the fact that Target doesn’t exactly cater to the 1%, when hackers get serious they usually set their sights on rich people. Fraud is a major problem for any credit card issuer, from the Target card to American Express. But data from Forter, a company specializing in fraud protection for retailers, says the richer you are, the greater your risk.
The American Express Centurion Card–more commonly known as the Black Card–is the hacker/fraudster card of choice. The Black Card simply represent more money to steal. “Elite cards have much higher fraud rates [1.7%] than any other group,” says Austin Rotter, a Forter spokesperson. American Express Black Card holders are almost twice as likely to be fraud targets than basic card holders.
