Credit Card Fraud
Definition - What does Credit Card Fraud mean?
Credit card fraud is when one person illegally uses the credit card, or credit card information of another to make purchases, to transfer, or withdraw funds. It is a form of identity theft. Credit card fraud can occur if a person steals the credit card of another, if the person can accurately guess the information, or if they can obtain the information in some other way.
Justipedia explains Credit Card Fraud
Credit card fraud is essentially when one person illegally obtains the credit card information of another person and uses that information to steal their money or otherwise commit illegal acts. Credit card fraud also includes the use of counterfeit or expired credit cards. Credit cards exist so that people can quickly and easily use credit to conduct a financial transaction. So, when a person tries to tamper with this system by either stealing credit card information or attempting to cheat the system, this is credit card fraud. A person caught committing credit card fraud can be subject to criminal prosecution. If they are convicted, then they can face jail time.
Keeping a close eye on bank statements and protecting one's credit card information can help prevent a person from becoming a victim of credit card fraud.
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