Credit Card Fraud Information Center - Account Takeover |
Account takeover occurs when a fraudster obtains your personal information. Often they do not need your actual card number. Once the fraudster has your information, he or she will contact your credit card company and change the address on your account.
Next, the fraudster will call and report your card lost or stolen and request a new card replacement. The new card is then sent to the new billing address on the account. The fraudster has successfully taken over your account - hence the term "account takeover". This is currently the most popular type of credit card fraud. It doesn't require the technology of a counterfeit card, nor the waiting time of a fraudulent application.
Also, companies often link PIN numbers and other information to the new card automatically. The fraudster can access cash, and sometimes even have access to the checking account information that you provided to your credit card institution. Despite all the new security measures that many card companies have initiated, the occurence of account takeover frauds is on the rise.
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