Majority of the people believe that credit card fraud occurs when the credit card is lost. That is true, however, there might be another type of credit card fraud, which is perhaps more dangerous. There are people threatening large right now, looking forward to steal your credit card number and expiration date. A stolen account number is the first step to a series of credit card fraud incidents. The card owner never knows until he/she starts receiving the bills.
Thus making frauds on your credit card is very much possible and it’s happening too. There are number of ways by which one can cheat you at will. Imagine some situations listed below:
- A cheat overhauls the trash and finds your discarded receipts or carbons. He takes the account number from those scraps and uses it illegally to cheat on you.
- A dishonest clerk makes an extra imprint from your credit card and uses it to make personal charges.
Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.
This section suggests the Prevention of Credit Fraud: Important Tips for Responding to Frauds; Reporting Losses and Fraud, and a concluding remark on credit card fraud.
