What is Credit Card Fraud

 

People nowadays are becoming more reliable and find the convenience of using different payment cards, specifically credit and debit card. You can make a purchase either in your favorite shopping store without the hassle of bringing cash in your pocket or do the buying through online store with just a few clicks. No sweat!

 

But, like all other things, there exist certain disadvantages especially in terms of security that is becoming a major threat not only by existing card holders but with business entities as well that utilize the use of payment cards in their day-to-day transaction. One of these threats is called credit or debit card fraud.

 

Credit or debit card fraud is a fraudulent activity that involves an unauthorized use of another person’s credit card details for the purpose of charging purchases to the account or removing funds from it. Another form as well of engaging in a fraudulent use of credit card is when the card owner knowingly uses the same with the knowledge that it is already revoked or expired or that lacks enough money to pay for items bought. And lastly, sells goods or services to another person with the use of an illegally obtained credit or debit card.

 

Moreover, identity assumption and fraud spree are among the most common type of credit card fraud aside from identity theft. A scam artist or credit thieves know a variety of ways as well on how they can gather a credit card holder’s personal information. To name a few are: using lost or stolen credit and debit cards, opening mailboxes and stealing some documents that might provide account information, looking over the owner’s shoulder during transactions or going through their trash, phishing via email or telephone and looking at personnel records.

 

Thus, to avoid being a victim of credit card fraud, one of the most important thing you should do as a card owner is to make sure you keep and secure all your personal information, being critical in answering emails or phone calls that try to obtain some details from you and to constantly check your bank transaction so you can report immediately if you find some suspicious activity going on.