Reporting Fraud and illegal Acts Relating to Credit Cards by Dhananjay Choudhary
Dhananjay Choudhary Koda Firm – A credit card is a very convenient mode of making cashless payments. However, you need to be wary of credit card frauds. Credit card fraud is simply an unauthorized use of your credit card information to make purchases on your credit or remove funds from your account. Credit card fraud can occur either when your credit card is physically removed from your possession or when your credit card information is stolen from a card reader or website.
The following types of credit fraud are common.
Account takeover or identity theft
The fraudster can use your personal information to apply for a new credit card from your bank or credit card Company claiming that the credit card is lost or stolen. The fraudster can also change the address to take over your account or open new accounts.
Stolen credit card
The credit card can be stolen physically. The thief can try to use the credit card to make purchases. In this type of case, the fraudster tries to make as many purchases as possible before you detect the theft and block the card. Often, a huge amount of unauthorized charges racks up on the credit card statement due to card theft.
Fraudsters do not necessarily need credit cards to commit credit card fraud because even the credit card information is enough. Hackers can steal the credit card information of customers by hacking into the data stored by credit card companies or banks. The fraudsters can then use the credit card information to make purchases online. Even though banks and credit card companies take every precaution to safeguard the data of their customers, the risk of hacking is persistent.
Electronic devices called skimmers are used to steal credit card information by fraudsters. A skimmer reads the credit card information from the magnetic strip present on the card. The skimmer can either be of fixed or portable variety. A fixed skimmer is attached to card reader, while portable skimmer can read cards present in wallets, purses, and pockets. The information stolen by the skimmer is then used to make a duplicate credit card, which uses the information of an original credit card to make purchases.
How to detect credit card fraud?
The key to detecting unauthorized use of your credit card is to scrutinize the transactions on your credit card statement and look for unauthorized charges. Billing statements must be reviewed every month to look for charges which you are not aware about. Paying the credit card bill without studying the statement is a big mistake.
You must check your credit report regularly and scan the report for new accounts that have not been authorized by you, addresses which you are not aware of, and inquiries not familiar to you.
Use your credit card online only for reputable companies or secure websites. Web addresses of secure websites start with https where‘s stands for secure.
What to do if you are a victim of credit card fraud?
You need to immediately contact your Credit Card Company or bank if you detect unauthorized charges. Contacting an experienced lawyer such as Dhananjay Choudhary Koda, who is a lawyer from Coda associates and has ten years of experience in handling fraud and illegal money laundering cases to help you in the matter, is also recommended.
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