Credit fraud is the illegal exploitation of another person’s identity and credit history to get a loan or make purchases using a credit card without having any intention of paying back the debt.
Identity theft in the form of credit card fraud is the most common. In 2019, more than 270,000 Americans reported new or ongoing account fraud to the Federal Trade Commission.
Usually, the victim of credit fraud ends up with unpaid debt in their name. Although this may be resolved in the end, the procedure requires time and work, may temporarily lower credit ratings, and may make it more difficult for a person to get new credit.
Credit fraud happens when criminals create loans or credit card accounts, make purchases or get cash advances using personal information belonging to one or more consumers—and then they go empty-handed. Additionally, it can take place when scammers use pre-existing accounts to their advantage, obtaining credit card data and exploiting it to make transactions without the victim’s knowledge or agreement.
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