What are the different kinds of credit card fraud?

Credit card fraud, unfortunately, is an increasingly common form of theft. In Delaware, it is governed by the Fair Credit Card Act and other consumer protection laws. Generally, credit card fraud is when someone uses a credit card fraudulently, without permission or authorization from the cardholder. In Delaware, there are four main types of credit card fraud. The first is Identity Theft, which occurs when someone obtains a person’s personal information such as their credit card number and social security number. They then use the information to make purchases or withdraw funds from the cardholder’s account without their permission. Skimming involves a third party device being placed on credit card readers. This device copies credit card information as it is swiped through the reader. This information is then used to make fraudulent purchases. Card Not Present fraud occurs when goods or services are purchased over the phone, internet, or through mail order. Because no physical card is present, it is difficult for merchants to detect fraud. Finally, there is Card Trapping or Stolen Card fraud. This occurs when someone steals a credit card from its rightful owner and then uses it to make purchases or withdraw funds. In Delaware, anyone who is found guilty of credit card fraud can face hefty fines, jail time, or both. It is important for consumers to monitor their credit cards regularly and to report any suspicious activity.

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What are the different kinds of credit card fraud?

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