Credit Card Fraud

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Credit card (or debit card) fraud is a form of identity theft that involves an unauthorized taking of another’s credit card information for the purpose of charging purchases to the account or removing funds from it.

Debit/credit card fraud is thus committed when a person:

1) Fraudulently obtains, takes, signs, uses, sells, buys, or forges someone else's credit or
debit card or card information;
2) Uses his or her own card with the knowledge that it is revoked or expired or that the
account lacks enough money to pay for the items charged; and
3) Sells goods or services to someone else with knowledge that the credit or debit card
being used was illegally obtained or is being used without authorization.

Credit fraud is a broad term for the use of a credit card (or any comparable type of credit) to buy goods or services with the intention of evading payment.

Credit fraud includes:

Identity theft: the unauthorized use of personal identification information to commit credit fraud or other crimes
Identity assumption: long-term victimization of identification information
Fraud spree: unauthorized charges on existing accounts

Credit card fraud schemes generally fall into one of two categories of fraud: application fraud and account takeover. Application fraud refers to the unauthorized opening of credit card accounts in another person's name. This may occur if an offender can obtain enough personal information about the victim to completely fill out the credit card application, or is able to create convincing counterfeit documents. Account takeovers typically involve the criminal hijacking of an existing credit card account. Here an offender obtains enough personal information about a victim to change the account's billing address. The perpetrator then subsequently reports the card lost or stolen in order to obtain a new card and make fraudulent purchases with it.ome of these include government fraud, extortion, kickbacks, procurement fraud, the health care industry and employee benefits or pension plans, and many others. Each of these offenses will result in punishment or sentencing that reflects the severity of the actual crime that has been committed.

Credit Card Fraud

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