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Basics of Credit Card
Credit Card Types
Credit Card Issues
Info On Credit Card
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Fraudulent Transaction When a transaction is placed on a cardholder's account without the knowledge or permission of that person, the transaction is said to be fraudulent. When a fraudulent transaction is detected and proven, the merchant does not receive payment and the amount is erased from the cardholder's balance by the card issuer. More than half of such fraudulent activity occurs in online purchases. Stolen and lost cards account for the bulk of this fraud as well as much of that which occurs at physical retail locations. Although businesses are required to check the ID of an individual using a credit card, most merchants are not stringent in enforcing this policy. As thieves are aware that as soon as the user realizes their card is missing or that their credit card number is being used for fraudulent transactions, their goal is to "max" out the card as rapidly as possible. This means that they will make all the purchases they can before exceeding the card's limit. Cardholders who suspect fraudulent activi ty or who have lost their wallets or purses should immediately contact their card issuer and cancel their cards to prevent such activity. More Credit-Card Terms Explained |
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