Credit fraud is a term used to describe any illegal act involving credit cards. The unauthorized use of another person's credit card information to remove funds or make purchases is called credit card fraud. It is a form of identity theft and might lead to severe consequences for the perpetrators.
Several scenarios may be considered credit card theft. Using another person's identity to perform a credit card transaction is called identity theft. Obtaining their credit card through deception and exploiting it for personal gain is also an example of credit card theft. You may also commit fraud through your own credit card. Using a credit card that has expired or revoked may also be seen as credit card theft. The selling of goods and services knowing that they were bought with an illegally obtained credit card is regarded as credit card fraud as well.
Credit card fraud may fall into two categories: taking over someone's account or application fraud. The hijacking of an existing credit card using unauthorized information obtained through various means is known as an account takeover. Criminals usually obtain the information and use it to access someone else's account to change the billing address. They subsequently report the card stolen and request a new card in an attempt to illegally use it. Application fraud is the unauthorized opening of a credit card account in another person's name. The perpetrator obtains enough information to create a fraudulent account and use it to make purchases.
If you have been charged with credit card theft, you might want to hire an experienced attorney. The attorney will look over your case and come up with a strong defense strategy for you.