Credit card fraud is intentional deception or manipulation involving credit cards, such as lost or stolen cards, unauthorized purchases, or added charges. Prevention measures include signing cards, carrying them separately, saving receipts, researching companies, and reporting suspicious activity to issuers.
Fraud is a legal term. When someone commits fraud, they intentionally hide the truth or intentionally misrepresent the facts with the aim of either deceiving or manipulating an individual or company. Credit card fraud is simply fraud involving credit cards.
Credit card fraud can happen in a number of ways. First, if a credit card is lost or stolen and the person holding the card, not the owner, uses the card to make purchases or to impersonate the person named on the card, then credit card fraud has occurred. . Credit card fraud can also be committed by someone who finds a credit card receipt showing the card number and signature and uses this information to make unauthorized purchases, even though they don’t have the physical card. A third type of credit card fraud occurs when the cardholder places an order and another party adds unauthorized charges to the order and has these, as well as the cardholder’s purchases, covered by the card.
While there is no guarantee that you will never fall victim to credit card fraud, there are some steps you can take to prevent it. First, you should always sign your credit cards as they arrive and write down the account numbers, expiration dates, and contact information of the issuer so you can contact them if your card is stolen. Experts recommend carrying your credit cards separately from your wallet – presumably the thinking is that having your wallet stolen will have less of an impact. Other recommendations include saving receipts to compare against bank statements, notifying card issuers well before changing addresses, and keeping your card in view during transactions.
Other recommendations include researching companies thoroughly before giving a credit card number, and not giving a credit card number over the phone unless you initiated the call yourself. Experts recommend being careful when ordering from merchants outside your country. We also recommend that you check for a secure transaction — https, not just http — when placing a credit card order over the Internet. A person who suspects credit card fraud should call the card issuer as soon as a questionable charge is discovered. Lost or stolen cards must also be reported to the issuer immediately.
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