Types of Credit Card Fraud

Credit cards are helpful financial tools that allow people to buy what they need now and pay for it later. Unfortunately, these financial tools can become financial burdens, and some people turn to fraud to make things right. Let’s examine several kinds of credit card fraud to get a better understanding of how it works.

Application Fraud

One kind of credit card fraud occurs before the recipient ever gets the card. Application fraud is when someone uses someone else’s information to make a new credit card in their name. Application fraud is difficult to do, but with the right tools, it is possible.

Card Not Present Fraud

Card not present (CNP) fraud is when someone obtains the expiration date and account number of someone else’s credit card. The person will then use the card online to purchase items in your name. Card not present fraud is hard to commit and equally hard to prosecute.

Assumed Identity

In assumed identity fraud, someone will use a temporary address and a false name to obtain a new credit card. Once they get the card, they will purchase items and send them to different locations for pickup, where they will gather their items and get rid of the card. This fraud doesn’t target a real person, and usually only hurts banks.

Charged with Credit Card Fraud?

Sadly, some people accidentally commit credit card fraud by giving misinformation on an application. If you or a loved one is charged with credit card fraud, Hager & Schwartz is ready to defend your case. Our criminal defense firm is proud to represent clients in any kind of fraud case.

Call (305) 330-1360 now for a free consultation concerning an accusation of fraud.