What Are The Charges For Credit Card Fraud ?
There are several types of credit card fraud and charges for credit card fraud depend on the type of fraud committed. For instances, an intercept fraud is the kind of fraud where the credit card gets stolen even before it reaches the person. It could be stolen from the post office, or the mail box. |
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An application fraud is a scenario where a person applies for a credit card suing their information and then uses a fake address. This is the address the credit card would be delivered to. Some facts get misrepresented here. This can be categorized into identity theft.
An unauthorized fraud is the easiest of all the types of fraud because all a person has to do is steal the credit card and use it. They can use it anywhere form shopping malls to the internet.
Counterfeit cards are manufactured using a stolen credit card number. These credit cards can be taken for real just like fake currencies.
However, in whatever way a person is misusing someone else’s financial information, it is a crime. It is a felony according to the United States law, and is a punishable crime. Usually if the fraudulent person is caught, they will be sent to prison. In case it is a first time felony and a small crime which involves small amounts, they might be let off with a small fine. However, if the fraud is big and has been done on a continuous basis, then the prison time can be anything from 5 years to 15 years. If it is a major fraud, then there could be a fine of more than two hundred and fifty thousand dollars.
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