What is credit card and credit card fraud?

Answer 1

Credit cards are the order of the day especially in these tough economic times. Many credit card companies have changed their terms not to mention making it more difficult for consumers to obtain new credit cards.

The new Obama administration has also brought in new legislation to curb the bad practices that was in the industry. Yet even now credit card applications for people with bad credit are still available if you look hard enough.

Answer 2

Credit card fraud is a wide-ranging term for theft and fraud committed using or involving a payment card, such as a credit card or debit card, as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. According to the United States Federal Trade Commission, while identity theft had been holding steady for the last few years, it saw a 21 percent increase in 2008. However, credit card fraud, that crime which most people associate with ID theft, decreased as a percentage of all ID theft complaints for the sixth year in a row.

Answer 3

Basically it's spending money on someone's else's credit card with their details without them knowing.