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Credit card fraud is general term for theft and fraud that is committed using a credit card (or similar payment mechanism) as a fraudulent source of funds to complete a sales transaction. Credit card fraud is also connected to identity theft.

Credit card fraud is divided into five categories:

· Counterfeit credit card - Makes up 37%

· Lost or Stolen Cards - Makes up 23%

· No-Card Fraud - Makes up 10%

· Non-Receipt Fraud - Makes up 7%

· Identity Theft Fraud - Makes up 4%

The result of credit card fraud costs billions of dollars every year. Altogether, credit card fraud costs cardholders and credit card issuers as much as $500 million each year.

The fraud begins when either the physical card is stolen or the data associated with the account is compromised. This information includes the card account number or other information that would be available to a merchant during a legitimate transaction.

The compromise can occur in a variety of ways and is usually conducted without the card holder being aware that anything is amiss. One example is when a store clerk copies sales receipts for later fraudulent use.

The recent growth of credit card use on the Internet has made these database security issues very costly. In some cases millions of accounts have been compromised simultaneously. The mail and the Internet are major arenas for fraud against both the merchants who sell and ship products and Internet merchants who provide services.

Merchant associations have developed some prevention measures but these have not met with much success. Customers want to be able to use their credit cards without problems and there is little incentive to pursue additional security because of current laws that limit consumer liability in fraud situations. Merchants can implement some prevention measures but they risk losing customers if the measures make doing business undesirable.