Credit Card fraud is when the information on a credit card or the credit card itself is stolen. Often, the information on credit cards can be taken with the use of sophisticated software or conning another person into giving it to them.
How to Steal Information:
Thieves pretend to be agents or bank employees and trick bank customers into giving out their information, passwords and account numbers.
They claim to want information and pressurize the victim by giving them a short time span. Repeatedly asking them for the credit card information while posing for one company or another, they use it later to embezzle money from these unsuspecting people.
Other times, they simply steal the credit card. Until the victim finds out, they can use the credit card as they please. Because this is such a common occurrence now, stealing information through computers is also a rising trend. Most companies offer a no fraud liability service where the money spent can be reimbursed once it is proved that the card was indeed stolen. This is an advantage for people who cannot prevent the fraud or have realized the loss of their money much later.
A credit card fraud investigation is conducted by a company or bank that has one of their clients report the incident where their customers had their information taken from them. Generally, the information is used for buying expensive things but it is also possible for the information to be used in other high level crimes like laundering money. In this case, the amount of money stolen is comparatively larger whereas commonly stolen credit cards are used for spending sprees.
This is when the credit card investigations take place.
Using top of the line technological advances, the investigators have to find out the authenticity of the claim of the person whose credit card is presumed stolen. If the claims prove true, the company hires investigators to look into the matter and try to catch those that are responsible for the fraud.
Using forensic fraud investigation devices, for example software that can trace calls or emails, investigators can track the call and find out the location of where it was made from and when. Other technology can help track the small chip present inside the stolen credit card to find out where it is.
Using laptops, tracking devices and software that allows forensic investigators to pull out deleted information from computers and phones, credit card fraud is easier to deal with today. Through technology, it becomes easier for them to narrow down suspects until they find the one responsible for the theft.
This is possible by opening encrypted files, finding unallocated hard disk space, deleted files or files that have been damaged. Once the evidence is found, it viable to be used in court against the accused person. It is now simpler to deal with credit card frauds because of professionals and their technology but it is important to know that banking institutions are an ally in such situations and hence you should seek their assistance.