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What Is Credit Card Fraud? |
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Answer» When credit card fraud occurs, a MERCHANT (business, service provider, seller, etc.) is tricked into releasing MERCHANDISE or rendering services, believing that a credit card account will provide PAYMENT for goods or services. The merchant later learns they will not be paid, or that the payment they received will be reclaimed by the card's ISSUING bank. A fraudulent or STOLEN credit card is charged for a purchase. Today, half of all credit card fraud is conducted online using spyware. When credit card fraud occurs, a merchant (business, service provider, seller, etc.) is tricked into releasing merchandise or rendering services, believing that a credit card account will provide payment for goods or services. The merchant later learns they will not be paid, or that the payment they received will be reclaimed by the card's issuing bank. A fraudulent or stolen credit card is charged for a purchase. Today, half of all credit card fraud is conducted online using spyware. |
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