One of the most common forms of financial fraud being committed is credit card fraud. With the increase of online shopping, many people’s information is more vulnerable than ever to criminal activity.
What is Credit Card Fraud?
Credit card fraud is a form of identity theft in which an individual uses someone else’s credit card information to charge purchases, or to withdraw funds from the account. Credit card fraud also includes the fraudulent use of a debit card and may be accomplished by the theft of the actual card, or by illegally obtaining the cardholder’s account and personal information. One of the biggest contributors to the rise in credit card fraud is the increase in online shopping. This makes it easier for criminals to steal information over the internet.
Credit card fraud investigation most often begins when a consumer makes a report to local police of the theft or unauthorized use of his credit or debit card. Reporting the crime, or the suspicion that an individual’s account has been compromised, may require the cardholder to sign a sworn statement detailing the disputed transactions, and declaring under penalty of perjury that he did not make the charges he is disputing. Immediately reporting suspected credit card fraud is highly recommended by the banking and credit agencies, as well as the Federal Trade Commission, and law enforcement agencies.
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