This article is about all types of Credit card statement pdf card fraud. This article has multiple issues.
The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. 2000s, it increased by 21 percent in 2008. However, credit card fraud, that crime which most people associate with ID theft, decreased as a percentage of all ID theft complaints for the sixth year in a row. Although incidences of credit card fraud are limited to about 0. In 1999, out of 12 billion transactions made annually, approximately 10 million—or one out of every 1200 transactions—turned out to be fraudulent. Today’s fraud detection systems are designed to prevent one-twelfth of one percent of all transactions processed which still translates into billions of dollars in losses.
Card fraud begins either with the theft of the physical card or with the compromise of data associated with the account, including the card account number or other information that would routinely and necessarily be available to a merchant during a legitimate transaction. The compromise can occur by many common routes and can usually be conducted without tipping off the cardholder, the merchant, or the issuer at least until the account is ultimately used for fraud. A simple example is that of a store clerk copying sales receipts for later use. Stolen cards can be reported quickly by cardholders, but a compromised account can be hoarded by a thief for weeks or months before any fraudulent use, making it difficult to identify the source of the compromise. The cardholder may not discover fraudulent use until receiving a billing statement, which may be delivered infrequently. Cardholders can mitigate this fraud risk by checking their account frequently to ensure constant awareness in case there are any suspicious, unknown transactions or activities. When a credit card is lost or stolen, it may be used for illegal purchases until the holder notifies the issuing bank and the bank puts a block on the account.