What are the different kinds of credit card fraud?
Credit card fraud is a type of identity theft where criminals use stolen credit card information to make unauthorized purchases or worse, gain access to an individual’s financial information. In Oregon, credit card fraud is a felony and is punished with fines, jail time or both. There are several different types of credit card fraud including identity theft, account takeover, skimming, phishing and cloning. Identity theft occurs when someone uses your personal information (such as your name and address) to open an account in your name and then use it to make purchases. Account takeover is when someone gains access to your credit card account, alters the billing address and adds additional accounts in your name. Skimming is a process where criminals use a specialized device to extract magnetic card data from the card’s magnetic strip. Phishing is a form of fraud where criminals send out phony emails or text messages directing the recipient to a phony website to enter personal information, such as credit card numbers. Finally, cloning involves copying a person’s credit card data from their magnetic strip onto another card. To protect against credit card fraud, individuals should regularly check their credit card statements and report any suspicious activity. It is also important to protect your personal information and use complex passwords and usernames to secure your accounts. Additionally, Oregon residents should be aware of the Oregon Credit Card Act, which regulates the use of credit cards in Oregon. It defines the responsibilities of credit card companies and merchants, as well as the rights of credit card holders.
Related FAQs
What can I do to protect myself from credit card fraud?What is a default on a credit card?
Can I increase my credit limit?
What is the Electronic Funds Transfer Act?
What is the difference between a regular credit card and a rewards credit card?
Can I use a credit card to make purchases abroad?
What are the risks associated with using a credit card?
What is a fixed rate credit card?
How do I close a credit card account?
What is the difference between a secured and an unsecured credit card?
Related Blog Posts
The Basics of Credit Card Law: What You Need to Know - July 31, 2023The Pros and Cons of Credit Card Use - August 7, 2023
What Is the CARD Act and How Does It Impact You? - August 14, 2023
5 Tips for Understanding Credit Card Law - August 21, 2023
Understanding the FDCPA and Its Impact on Credit Card Law - August 28, 2023