What are the most common types of credit card fraud?

Credit card fraud is a serious problem that affects individuals, businesses and credit card companies nationwide. In Washington State, the Credit Card Dispute Resolution Law protects consumers from fraudulent activity. The most common types of credit card fraud in Washington State can be divided into three categories: identity theft, account takeover and fraud. Identity theft occurs when a person uses someone else’s personal information, such as their name, social security number or credit card number, to make purchases or open new accounts. Account takeover fraud occurs when someone has access to another person’s account and gains unauthorized access to it. Finally, fraud occurs when a person makes a transaction without the owner’s knowledge or consent. In Washington State, victims of credit card fraud can report the fraud to either their bank and/or the Washington Department of Financial Institutions. Victims can also take other steps to protect themselves, such as monitoring their financial accounts, using strong passwords and setting up two-factor authentication. In addition, Washington State’s Credit Card Dispute Resolution Law gives consumers the opportunity to dispute a charge or transaction with their bank or credit card company. This process is designed to provide consumers with a resolution to their dispute within a reasonable time frame.

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What are the most common types of credit card fraud?

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