What is Credit Card Fraud?

Trsmd's picture
Submitted by Trsmd on Sat, 07/25/2009 - 18:56.

What is creditcard fraud and how to prevent the fraud?

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 some excess amount has been charge for which I have'nt spend on that card?

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Dharani's picture
Here you go
Sun, 07/26/2009 - 09:12 — Dharani

There are many ways in which credit card fraud occurs.If someone knows your id and 3 digit ccv number they can purchase goods online on your name.This can be tracked if they have given the address.But sometimes an auto approval occurs for the payment.There is a chance that your vendor can charge some extra amount.Contact the customer care in these cases

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Ratheesh P.R.'s picture
Credit Card Fraud
Thu, 07/30/2009 - 10:48 — Ratheesh P.R.

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. According to the Federal Trade Commission, while identity theft had been holding steady for the last few years, it saw a 21 percent increase in 2008. However, credit card fraud, that crime which most people associate with ID theft, decreased as a percentage of all ID theft complaints for the sixth year in a row.

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