What Is Credit Card Fraud?Summary: The wide number of offenses makes if difficult to provide a definition as to what is credit card fraud.Therefore, this section of the site looks at the different types of credit card fraud currently being used. To the casual observer, the link between identity theft and credit card fraud may not be obvious. However, there are many similar strategies and techniques used by fraudsters in both. In fact, many of the more modern identity theft techniques have been modelled on much older versions of credit card theft. They have simply been tweaked and expanded to provide a much larger payoff. For these reasons, an understanding of some of the issues relating to credit card crimes could be useful in preventing identity theft. Here at Combat-Identity-Theft.com we will try and help you understand what is going on, why and what you can do about it. To quote a well known phrase about modern law enforcement, "The police has none of the money and all of the rules while criminals have all of the money and none of the rules". In such an environment, it is very important that every individual is aware of what he or she needs to do to try and protect their finances.
What Are The Different Types Of Credit Card Fraud?Broadly speaking, credit card fraud is the illegal obtaining of goods or services by using another persons card. However, this obviously can also involve other forms of card fraud - debit cards and store cards for example. This can be done by creating a copy of a card, 'skimming' the details during a routine transaction, stealing a card or intercepting it in the post and many other creative ruses.This section will look at the legislation, punishment and legalities as well as the more practical aspects of spotting potential problems and risky situations. As the card issuers use more techniques (such as 'chip and pin') to secure their customers and cards in the physical world, many fraudsters use the internet (scroll to the bottom of this page to see the scale of online fraud, just in Canada !) where cards are used online for fraudulent product purchases. The products are then sold elsewhere on the black market for cash. Such a process obviously needs several people doing different jobs. We will also explore the more modern problems being posed by criminals using the online world to perpetrate their crimes internationally. We hope you find this section useful...
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