Credit Card Fraud and Identity Theft
Basically, credit card fraud is the illegal and unauthorized use of your credit card to either acquire goods without paying for them or acquire funds from your account via cash withdrawal. Whenever a criminal attempts to gain and misuse your credit card information, your credit card firm will notify you initially. Your account number will then be updated as well as the company will try to obliterate any fraudulent charges.
Quite often, credit card fraud is part of a larger theft of your identity. Identity thieves can deceitfully extract your personal information to initiate a new line of credit, avail new loans, create a new credit card, and get a fake ID in your name. The worst part is that unlike card fraud, identity theft doesn’t have any safety net, which means you would ultimately pay for all damages due to the identity theft.
The safest bet is to opt for an all-inclusive credit card theft protection plan that comprises both card credit monitoring service and card identity theft protection.