Credit Fraud

Credit Frauds are also known as credit scam. There are different sources of credit fraud and the investigating agencies for credit fraud apply different methods to detect credit frauds. Credit frauds pose a significant problem in a number of developed countries.
In developed countries where a large number of transactions are held with the help of credit cards and the volume of credit card debt is huge, losses from credit card fraud are not that significant. It amounts to a minuscule percentage. Nevertheless, from the perspective of the credit fraud victims, it is a grave concern. Despite the fact that financial protection is offered to the victims of credit fraud, they are compelled to face significant difficulties. In addition, for compensating credit frauds, people have to bear increased rates of interest, increased price levels, and higher trouble. Form of Credit Fraud Different forms of credit fraud are as follows:
Identity presumption: Exploitation of identification data in the long run
Identity theft: Illegitimate utilization of personal identification data for performing a fraudulent activity or any other offense
Fraud spree: Fees charged on existent accounts without official authorization
Origins of Credit Fraud Similar to different forms of credit fraud, several modes of collecting personal data are used by the credit thieves and they are the following:
Theft from the mailbox
Utilizing misplaced or mislaid credit cards
Searching in the trash bin
Peeking over one’s shoulder
Fake telephonic conversation
Transmitting spams (junk e-mails)
Going through employee data
Detecting Credit Fraud There are various indications that signify credit fraud is happening and they are the following:
The credit report includes queries or data regarding accounts that were not opened actually
Unusual fees appear on bills and statements
Bills are coming from unidentified or unacquainted origins
Telephone calls are coming from collection agencies or creditors

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Last Updated on : 9th July 2013

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