Handling Credit/Debit Card Fraud Matters
WHAT IS A CREDIT CARD FRAUD ? REMEDIES IN LAW ?
Credit card fraud is a form of identity theft that involves an unauthorized taking of anothers credit card information for the purpose of charging purchases to the account or removing funds from it. Credit card fraud schemes generally fall into different categories
1. Application fraud
2. Account takeover
4. Card Cloning
Application fraud refers to the unauthorized opening of credit card accounts in another person's name. This may occur if a perpetrator can obtain enough personal information
about the victim to completely fill out the credit card application, or is able to create convincing counterfeit documents.
Application fraud schemes are serious because a victim may learn about the fraud too late, if ever.
Account takeovers typically involve the criminal hijacking of an existing credit card account, a practice by which a perpetrator obtains enough personal information about a victim to change the account's billing address.
The perpetrator then subsequently reports the card lost or stolen in order to obtain a new card and make fraudulent purchases with it.
Skimming schemes occur when businesses employees illicitly access to customers credit card information. These employees then either sell the information to identity thieves or hijack the victim's identities themselves.
Cloning of card happens through a very small card cloning machine which can store data of thousands of cards.
Watch How your credit credit card gets cloned - demo shown on Bloomberg TV Channel
Technological advances have also created avenues for credit card fraud. With online purchasing now common, perpetrators need no physical card to make an unauthorized purchase.
Additionally, electronic databases containing credit card data may be hacked or crash on their own, releasing customers' credit card information, putting the security of many accounts at risk at once.
Legal Remedies with which We can help you
1. Filing Police Compliant with the cyber police station / local police station
2. Filing a Complaint with the Banking Ombudsman
3. Filing an Application for compensation with The Adjudication Officer
4. Filing a Consumer Compliant with the Consumer Forum
5. Approaching Media for releasing the unique story