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Credit Card Fraud: Victims
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Fraud committed without the actual use of a card (no-card fraud): No-Card Fraud accounts for 10% of the all losses. Deceptive Telemarketers and now fraudulent Internet Web Sites obtain specific card details from their victims, while promoting the sale of exaggerated or non-existent goods and services. This in turn results in fraudulent charges against victims' accounts.
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A set of credit card details that has been verified in this way is known in fraud circles as a phish. A carder will typically sell data files of phish to other individuals who will carry out the actual fraud. Market price for a phish ranges from US$1.00 to US$50.00 depending on the type of card, freshness of the data and credit status of the victim.
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While companies those offer credit cards usually absorb the losses associated with these crimes, the long-term implications for victims and their credit ratings are very serious. Victims may spend months or years trying to clean up their credit records, and the process can be very stressful. The Federal Trade Commission (FTC) recently adopted a new procedure for people to report suspected identity theft. Instead of several different forms, the process has been consolidated into the ID Theft Affidavit. The form alerts companies where a new account is opened in your name and the company can then investigate the credit cards fraud and decide the outcome of a claim. Financial experts say prevention is the best bet.
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Credit and charge card fraud is a huge industry costing consumers and card issuers hundreds of millions of pounds each year. It is a form of theft that is much more discrete than traditional robbery. While it is difficult to completely prevent card fraud from occurring, there are steps you can take to minimize your chances of becoming a victim.
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Credit Card Frauds are on the rise, and it is time to take all preventive steps to avoid being becoming a victim of Credit Card Frauds. Some of the suggested preventive steps are:
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According to the Tribune Democrat, police received a complaint earlier this month from a resident about an unauthorized charge on a credit card. Further investigation with Master Card and Visa companies yielded a number of unauthorized charge disputes in the region, and all had a common denominator: The victims all had patronized the same restaurant at least once since May. The fraudulent purchases were traced to Jamie Lynn Roush, a Pizza Hut employee.
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