Credit Card Fraud

4218 words 17 pages
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The median loss associated with credit and debit card fraud was $427.50.
There are many different types of credit card schemes and applications, but one of the more simple methods involves the unauthorized use of a lost or stolen card. According to MasterCard International, while credit card fraud through the use of stolen cards comprises 22.4 percent, fraud through the use of lost cards comprises 16.4 percent. Together, they comprise 38.8 percent of all credit card fraud. Fraudulent activity normally occurs within hours of a card being lost or stolen. At times, the discovery does not even become evident until the victim receives the monthly statement and then realizes the fraudulent use or occurrence. It is extremely important that the victim report the loss or theft of the credit card within three days of its disappearance. During this three-day period, the victim is not held responsible for any charges occurred through fraudulent activity. It is imperative that credit card users know the location of their cards at all times.
Another form of credit card fraud is commonly known as non-receipt fraud. This occurs when the credit card is stolen while in transit between the credit issuer and the authorized account holder. There was a time that this was a big problem. In fact, cartels infiltrated the postal system and paid letter sorters and


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