Credit Cards Frauds


Credit card fraud refers to the unauthorized or fraudulent use of credit card information to make purchases, withdraw cash, or conduct other financial transactions without the cardholder's consent. Credit card fraud can take various forms and can occur through different methods, including:

  1. Stolen Card: Criminals may steal physical credit cards or obtain card information through techniques such as skimming, where card details are illicitly copied from a legitimate card reader device. Once in possession of the card information, fraudsters can use it to make purchases or withdrawals.

  2. Card Not Present (CNP) Fraud: CNP fraud occurs when card information is used to make online or telephone transactions where the physical card is not required. Fraudsters may obtain card details through phishing scams, data breaches, or card-not-present transactions where the card information is entered manually.

  3. Identity Theft: Identity theft involves stealing personal information, including credit card details, to impersonate someone else and open fraudulent accounts or make unauthorized transactions. Criminals may obtain this information through various means, including data breaches, phishing, or social engineering tactics.

  4. Account Takeover: Account takeover occurs when fraudsters gain unauthorized access to a victim's credit card account, either through stolen credentials or by exploiting vulnerabilities in security protocols. Once inside the account, they may change settings, make purchases, or transfer funds without the cardholder's knowledge.

  5. Fraudulent Applications: Fraudulent credit card applications involve using falsified information or stolen identities to apply for credit cards in someone else's name. Once approved, fraudsters can use the credit cards for their own purposes, leaving the victim responsible for any charges incurred.




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