Category: Credit & Debit Card Fraud
Credit and Debit Card Fraud encompasses the unauthorized use of credit or debit card information to make fraudulent transactions without the cardholder’s consent. It involves various methods such as stealing card details through phishing schemes, skimming devices, or data breaches. Credit Card Fraud specifically targets credit card accounts, where fraudsters use stolen information to make purchases or obtain cash advances. Debit Card Fraud, on the other hand, involves unauthorized withdrawals directly from a cardholder’s bank account using stolen debit card information. Both types of fraud can lead to financial losses for individuals, businesses, and financial institutions, highlighting the importance of robust security measures and vigilant monitoring to detect and prevent fraudulent activities promptly.