credit card fraud
Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft.
The cost of credit card fraud reaches into billions of dollars annually. In 2006, fraud in the United Kingdom alone was estimated at £428 million, or US$750-830 million at prevailing 2006 exchange rates.
Charlie
asked:
"I kept hearing about credit card fraud. Yet nobody ever explained how a fraudulent credit card transaction begins. May I know what are the initial steps leading to a credit card fraud?"
Question posted courtesy of:
Vera replied:
"There are many ways to initiate a fraudulent credit card transactions. Sometimes, carelessness on the part of the cardholder, laxity on the part of the merchants, and not having too much precaution on the others. Of course, these are just some of it. If you want to know more, there is a particular website and an article that answers your questions more thoroughly than I do. I listed the link below for you. You can browse through these links at your convenience. Hope this helps..."
mshellrosie
asked:
"What are the types of credit card fraud and what is the best way to prevent it? Just wondering since I just saw on my credit report that my ex husband had used my social security number, on all things, doctor's bills and never paid...and this was 4 years AFTER the divorce."
Question posted courtesy of:
Feeling Mutual replied:
"The most common type is where a credit card company promises you a low interest rate, then hides a clause to jack the rate way up if a payment is late.The ex-hubby thing you need to resolve with him. More than likely a collection agency is targeting you for his bills. It may not be his fault. Collection agencies are jerks.Then again, it might be him..."
Grumble replied:
"Well for starters, don't use your credit card online, don't give it to people in a drive thru if they walk away with it, they could write down your info. It's just when someone either steals your identity to order things or steals your identity, such as a SS # in order to pretend they are you by applying for credit."
fluke replied:
"you can have him charged with a federal crime."
Shirley replied:
"Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft.Ten Tips to Prevent Credit Card Fraud1. Keep a list of your credit card numbers, expiration dates, and the phone numbers of all card issuers in a safe place. 2. Credit card issuers offer a variety of terms (annual percentage rates, methods of calculating balances subject to finance charges, minimum monthly payments, and actual membership fees). When selecting a card, compare the terms offered by several card companies to find the card that suits your needs. 3. When you use your credit card, watch your card after giving it to a clerk. Take your card back promptly after the clerk is finished and make sure the card is yours. 4. Never sign a blank receipt. Draw a line through any blank spaces above the total when you sign receipts. Tear up the carbons when you take your credit card receipt.5. Open credit card bills promptly and compare them with your receipts to check for unauthorized charges and billing errors. 6. Write card issuers promptly to report any questionable charges. Written inquires should not be included with your payment. Instead, check the billing statement for the correct address for billing questions. The inquiry must be in writing and must be sent within 60 days to guarantee your rights under the Fair Credit Billing Act. 7. Avoid giving your credit card number over the telephone unless you know the company is trustworthy. Never write your card number on a post card or on the outside of an envelope. 8. Sign new cards as soon as they arrive. Destroy expired cards. Cut up and return unwanted cards to the issuer. 9. If one of your credit cards is missing or stolen, report the loss as soon as possible to the card issuer. Check your credit card statement for a telephone number to report the stolen card. Follow up your phone call with a letter to the card issuer. The letter should contain your card number, the date the card was missing, and the date you reported the loss. 10. If you report the loss before a credit card is used, the issuer cannot hold you responsible for any subsequent unauthorized charges. If a thief uses your card before you report it missing, the most you will owe for unauthorized charges on each card is $50."
Pat replied:
"Get a lawyer. This isn't really credit card fraud; it is more along the line if Identity Theft. He is trying to make it miserable for you. If you can prove it was done after your divorce there may be legal actions you can take against him.Good luck."
Tim replied:
"Credit card fraud is when someone illegally uses someone elses card to make purchases. As a consumer you shouldn't worry about it. All card companies can look up the transactions and see if it is fruadulant or not. If it is you get the money back. I did some google research one time and discovered that card fruad is very, very, very rare. It's more likely for a senior citizen to catch aids then a card holder have fruad commited that isn't reimbursed. Card companies want you to take it vary seriously, because they have to fit the bill. As consumers it shouldn't be something you worry about. Look up the stats."
Dewey K replied:
"Hi, My name is Dewey and I am one of the owners of 1-800BadCredit.com On our site you will find that we always stress the importance of checking your credit report at least once a year, but every 6 months is better. If someone is using your SS # you need to challenge that as inacurate and get it removed. Write to the credit bureaus explaining the facts and send them a copy of your divorce showing the date. Ask them to remove it."
MOMMYS-TWINS-ARE-IN-HEAVEN
asked:
"I have fraud charges on my chase cards, and i believe my sister is the reason behind them. Shes only 16, so i dont wanna press charges, and im HOPING that the credit card company wont really investigat it like that. But how long will it take to investigate it, and do you really think they will pull the atm picture to see if its her. It was only 600$$thanks alot"
Question posted courtesy of:
OC1999 replied:
"It does not matter if it was $6 or as you say "only $600", fraud is fraud.If you report it to Chase, companies are pretty quick about investigating it. If it was an ATM, it is a matter of a phone call to the bank where the ATM is located. Because everything is digital and stored on computers, they will probably have the picture in about a day.If they do find out it was your sister you have two choices. To tell them that your sister did not have authorization. At that time they will probably not make you pay for the charges, but they will prosecute your sister. If you do not want to do that then you will have to pay for the charges."
pinkyismygirlfriendniluvhur replied:
"they take it seriouslyif she died, maybe they would dig her up to compare the pictures"
THE ELK SLAYER
asked:
"State: Idaho Amount Spent: 4000.00My wife apparently got a credit card in her moms name. Spending the above amount on paying off bills and other debts. I had no clue of this until yesterday only cause her mom found out. had hopes of nobody ever finding out. So, this has been turned over to the fraud dept. Her mom didn't do it, the credit company did. Mom is not pressing charges, however she is upset. Can she stop the fraud investigation? What can my wife and I look forward to in all this?"
Question posted courtesy of:
Rick B replied:
"Why should she stop it? Even if she could? Your wife not only defrauded someone, she did it to someone who trusted her. That is even WORSE than doing it to a stranger.In any case, it is out of the mom's hands.If this is her first offense, she will likely get a fine, have to pay back the full amount, and will be on some form of probabtion. She might get some community service if she gets a good judge."
Matthew Taylor replied:
"Read here:"
Steve D replied:
"No, your wife committed fraud against both her mother and the credit card company. Penalties for credit card fraud include fines and/or imprisonment for up to ten or twenty years, depending on the specific provisions of the law that has been violated.Expect to pay back the $4,000 and expect that your wife will have a criminal record (probably a felony record at $4,000). Most likely, a plea bargain is best and if restitution is made, can probably result in probation. Your best bet is to hire a lawyer immediately."
v b replied:
"Your wife stole money from her mom.Your wife and you are unable to pay this back.Your wife's mother found out because she either tried to get credit and was turned down; received a bill or call from the credit card issuer and told them that she didn't have the accounts, etc. While she's "not pressing charges" she clearly has no intention of making this a gift and paying the bills herself.In theory, your wife could be facing charges with up to 10 years imprisonment, though that is unlikely. The federal statutes also allow for penalties."
David replied:
"That amount can be classified as grand theft.Since the credit card company MAY have been victimized, they can pursue it. First thing you have to do is make them whole... pay back the money. Your mom MAY be able to stop them by saying it was family and it was a mistake, etc, but criminal charges are NOT brought by individuals... they are brought by the district attorney.I'd seriously suggest talking to a lawyer."
Romona G replied:
"I found a huge online list of Idaho local credit card resources. Try calling a nearby company and they can answer your questions."
Manfred's Widow
asked:
"Take the case of the Federal employee who, using her government-issued credit card, gave her live-in boyfriend over $500,000 of taxpayers' money during a 6-year period when her account was never audited. The amount of fraud is in the billions of dollars. Remember that the next time you buy food, gasoline, or try to make a house payment."
Question posted courtesy of:
jurydoc replied:
"At a MINIMUM, these folks should lose their jobs and their federal pensions. I think they should also be prosecuted for credit card fraud and subject to any and all applicable criminal penalties. To NOT do so simply condones the action and allows it to continue. AS a former federal employee and a TAXPAYER I am outraged at this behavior."
dlk replied:
"I completely agree with jurydoc. In addition, I think all these employees should be forced to pay back this money."
aunt_christine_of_juneberry replied:
"Let the C.I.A. take them to secret prisons in Central Europe and elsewhere for rendition, water boarding, and anything else they have available. Failing that, turn them over to Citizens' Committees for appropriate justice."
PamelaFrillyFem replied:
"Females should get Spanked Bottoms, !!!all noughty girls step this way' please, MMMMmmmm"
Lower taxes!!! replied:
"They should give them the same punishment that a black American bank robber would get. To steal from the government is stealing money from the people. So, either one account of $500,000 or 500,000 accounts of $1. Which ever is greater. On top of that humility in front of his/her peers and no chance of getting a job on his/her way out. Even though I am against my last suggestion that is the way it is. What would you do if someone came into your house and stole money out of your top dresser drawer? Politicians who get caught stealing money or taking bribes to pass laws that hinder the working American citizen should be prosecuted."
Christopher P replied:
"They should be given the full brunt of the law.Best RegardsChristopher PhillipsFast and Easy Online Credit Card Application"
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This is makes for a good argument that all campaign contributions should be put into one big account and divided equally among each candidate regardless of political party affiliation.
In today’s world it seems there are as many crooks out there as there are honest people. This means you should be watching your credit cards more closely than ever.Credit card fraud has become very abundant. But, wise use of your cards can help you to avoid becoming a victim, or stop the damage quickly if you do..read more
