Types Of Credit Card Fraud
Types Of Credit Card Fraud Credit card fraud is a phrase used for fraudulent activity committed with a plastic payment card, usually a debit card or a credit card. This is done using the funds in a bank card account to buy products or services. The purpose can be either to get money for items or goods to purchase something that does not exist, or simply to make unauthorized payment to an account that is under control of a criminal. There are three main forms of fraud that are perpetrated using credit cards. The most common is swiping a card in an ATM machine or on an electronic transaction terminal, usually at a shopping mall or gas station. The victim’s card information, including the account number, the amount and the name of the cardholder, is stolen. This is known as ATM card fraud. Another common type of credit card fraud involves a customer using his or her card online. Most often, a user will enter sensitive information online, including their credit card number. They will then provide the same information to their intended merchant. The user’s card information will then be stolen and the money will be transferred to an online account controlled by the criminal. This type of fraud, also called e-commerce fraud, is also referred to as cybercrime or online fraud. Finally, there is a more sophisticated...
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