Credit card fraud in a broad sense is using a credit card or credit card information when an accused is not authorized to do so. It can be a type of identity theft where a perpetrator obtains personal information from an unsuspecting party to use their credit card. Credit card fraud can also cause the victim of the fraud not only a financial loss but a risk of destroying their credit score. Credit card fraud has become more common as most transactions are done online making it easier to conceal identity.
Like all other frauds the penalty for a credit card fraud is significantly higher if amount of financial loss is over 5,000. A credit card fraud with a high financial loss and high level of sophistication can attract a jail penalty of up to 14 years.
