■  Credit Card Fraud Attorney

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Credit Card Fraud Attorney

Are you experiencing a Credit Card fraud?

Credit card identity theft .

An other definition of Credit Card theft .  It can range from using a stolen card to elaborate chargeback frauds involving millions of dollars. The rise of Internet commerce has caused an explosion in Credit Card Fraud , as unscrupulous hustlers skim numbers from online transactions and create dummy companies out of thin air. The only common denominator is the use of the credit card itself.

According to the Federal Trade Commission, while theft , decreased as a percentage of all ID theft complaints for the sixth year in a row.

Credit Card Fraud is a crime which is punishable by laws. Some companies or banks have the ability to do this crime if you do not notice.  There are thousands of victims of Credit Card Fraud you may be a victim if you don't take good care of your accounts. Most examples of this happened last 2004, in which millions of credit cards were being used daily in North America for all sorts of transactions, both online and on-site, in various commercial, governmental, and educational enterprises. At the end of 2003, more than 50 million credit cards were in circulation in Canada, with a sales volume exceeding $150 billion in MasterCard and Visa card sales alone. 

With a higher usage of credit cards comes an increase in Credit Card Fraud .Payment card counterfeiters currently employ cutting-edge computer technology such as embossers, encoders, and decoders to read, modify, and plant magnetic strip information on fake credit cards. Phony identification has been used to illegally get such things as government assistance, bank loans, and unemployment insurance benefits. The illegal use of credit cards can be divided into the following categories, with the percentage of estimated losses based on Canadian statistics stated in parentheses:

  • Counterfeit credit card use (37%). Organized criminals manufacture fake cards by skimming the data contained on magnetic strips and overriding protective features such as holograms.
  • Cards lost by the cardholder or stolen from the cardholder (23%). Credit cards are stolen from work offices, automobiles, homes, or lockers and used to purchase goods and services.
  • Fraud committed without the actual use of a credit card—also known as no-card fraud (10%). Telemarketers and fraudulent Internet Websites get card details from potential victims while promoting the sale of either exaggerated or nonexistent goods and services. These acts, in turn, can result in fraudulent charges being made against victims' accounts.
  • Fraud committed using cards not actually received by the legitimate cardholder—also known as non receipt fraud (7%). Mail theft occurs by non authorized card users, a main reason that card-activation programs have been implemented by the Visa, MasterCard, and American Express Company.
  • Cards obtained by criminals after making false applications (4%). Applications for credit cards are made by criminals impersonating credit-worthy individuals.

Effects of Credit Card Fraud:

The effects of Credit Card Fraud are subtle but far reaching. The FBI estimates that over $50 billion a year is lost due to fraud and that 10 million Americans or more are affected by it each year. Businesses raise their prices when confronted with steady losses due to Credit Card Fraud, and individual victims may find their credit rating seriously damaged, affecting their ability to borrow money, buy a house or make other substantial purchases.

Prevention of Credit Card Fraud:

The best way to prevent credit card fraud is simply to be vigilant. Never let your credit card out of sight, and don't let others use it for any reason. When purchasing something over the Internet, make sure that the web page asking for the information is secure. Examine all of your bills carefully and report any suspicious purchase promptly. Store past statements in a secure location or destroy them if you have no use for them: never simply throw them away.

If you feel that someone can help you from credit card fraud cases, feel free to call attorney William A. Kennedy for free consultations.