Credit Card Fraud Penalties & Soft wares

Credit card fraud refers to fraud committed using a credit card or other payment options like pay pal as a source of funds in a transaction. Fraudulent activity may be done to obtain goods without payment or to extract unauthorized funds from an account.

In 2006, fraud in the United Kingdom alone was estimated at £535 million. Credit card fraud is often associated with identity theft.

If you own a business organization, work in a bank or other financialinstitution or are an investigator, having knowledge of credit card penalties and softwares (anti-fraud) available would go a long way in preventing fraud in your own small way.

How to Report a Credit Card Fraud

Investigation of this criminal offense is a time consuming and costly affair. But if you have been victimized, then the fraud must be reported immediately. The following steps are to be following in reporting the crime;

Whom to Report & What are the Credit Card Fraud Penalties?

• In the USA, FTC is the body you can turn to for credit card fraud reporting. As a rule, FTC investigates reports of fraud above $2000.
• The local law agencies may help you, if you want report a fraud bellow $2,000 depending on the amount, type of fraud, and the area in which the fraud was committed
• If the credit card fraud exceeds $1,50,000 the credit card fraud reporting is done to the FBI and the U.S secret services step in to prosecute and penalise.
• The Credit Card Penalties depend upon the nature of the crime, the scale of the crime and other violations committed. The credit card penalties range from 15 days in prison to a maximum of 20 years in prison, depending upon the scale of the fraud, seriousness of the crime and other violations committed. The credit card fraud penalties range up to $10,000 in fine.

Cyber crime has increased over the years and so has credit card fraud. Any prevention of fraudulent activity must begin at the individual level with increased alertness and vigilance.

Credit Card Fraud Penalties & Softwares

Several credit card fraud penalties’ softwares are available in the market for providing intelligent and integrated fraud detection and prevention frameworks for issuers and acquirers of debit, credit and other types of payment cards. Some types of softwares for credit card fraud detection and other related business or financial fraud cases are Arbutus Connect, Agena, Alaric, Bank Detect and many more.