"Credit card frauds are committed in the following ways: • An act of criminal deception (mislead with intent) by use of unauthorized account and/or personal information • Illegal or unauthorized use of account for personal gain • Misrepresentation of account information to obtain goods and/or services. Contrary to popular belief, merchants are far more at risk from credit card fraud than the cardholders. While consumers may face trouble trying to get a fraudulent charge reversed, merchants lose the cost of the product sold, pay chargeback fees, and fear from the risk of having their merchant account closed."
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Original Language: English
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Sources
Tej Paul Bhatla, Vikram Prabhu, and Amit Dua, "Understanding credit card frauds." Cards Business Review 1, no. 6 (2003): 1–15.
https://en.wikiquote.org/wiki/Credit_card
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Credit card
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