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
How do I calculate my credit card APR?What is a late payment fee?
What is a zero liability policy for credit card fraud?
What is a variable rate credit card?
What are the different kinds of interest rates for credit cards?
How do I earn rewards with my credit card?
What is a minimum payment on a credit card?
What are the late payment fees for credit cards?
What is the maximum credit limit I can have?
Do I need to provide personal information to get a 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