Credit Card Frauds
|Exisitng laws are not made to identify and specifically prohibit every potential scheme. Rather, these laws are usually written in general terms meant to encompass the various types of fraudulent behavior, and then penalties are assigned based on the total dollar value of the items or cash obtained in the scheme.
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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. There are many ways that credit thieves gather your personal information: – Using lost or stolen credit cards – Stealing from your mailbox – Looking over your shoulder during transactions – Going through your trash – Sending unsolicited email – Making false telephone solicitations – Looking at personnel records