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Types of credit card fraud

On Behalf of | Apr 11, 2023 | White Collar Crimes

Credit card fraud is a form of identity theft where an individual uses another person’s credit card information without their permission to make unauthorized transactions or obtain unauthorized access to their account.

This illegal activity can lead to financial loss for both the cardholder and the financial institution. Some forms of credit card fraud aren’t as obvious as others, so it might be possible to be accused of it without realizing you did anything wrong. Various types of credit card fraud include:

Stolen or lost cards

In this case, someone uses a stolen or lost credit card to make unauthorized transactions. This can happen in person or online, but both are handled in the same manner under the law.

Counterfeit cards

People may create fake credit cards using stolen card information. This information is often obtained through skimming devices, data breaches or phishing scams. Using a counterfeit card might occur without you knowing if someone provided you with a card you were told was valid.

Application fraud

It’s against the law to use inaccurate information to obtain a credit card. It’s possible to face identity theft charges if someone else’s identifying information is used to open a credit account.

Account takeover

Gaining access to a cardholder’s account by obtaining their login credentials through phishing, social engineering or other methods is illegal. They then change the account’s contact information, add authorized users or request new cards to make unauthorized purchases.

Facing charges for any form of credit card fraud is a serious matter. You must ensure you understand the options you have for addressing the charges you’re facing. Having experienced legal guidance is beneficial.


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