The ability to purchase goods with credit cards without having to take out cash and carry around change has made our lives surprisingly easier. And given how hectic the average person’s life is it is almost a necessity now. But what are the downfalls?

Unfortunately, as technology has improved, so have the tech savvy people who know how to take advantage of it. Because the majority of credit and personal information is stored in a hub or network of data somewhere that is accessible on the internet, especially now thanks to online banking, hackers can break in and scrape this information to use themselves.

Just as of March 31, 2013, there were around 278 million Visa cards in the United States, and another 522 million in the rest of the world. That makes up for a lot of people exposed to potential identity fraud or financial exploitation.

During 2014, credit card fraud losses incurred by card issuers, merchants, and acquirers reached up to $16.31 billion. That is an increase of 19% from the previous year. This would make 2014 the fourth year in a row that financial losses to fraud outpaced growth in the actual total volume of cards.

Fortunately, after such an outcry from those who are victims of financial fraud, there are now better preventative measures in place to protect against these problems. With six out 10 consumers concerned about debit and credit card fraud, particularly when shopping online, many are actively checking for secure payment processing solutions when making digital purchases. Many online merchants will actually say what security programs they have in place.

Given that digital banking and financing is still relatively new, there will likely still be many issues that will need to be ironed out. But for now, being careful where you buy goods from is your best defense.