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In this series we are going to cover one of the biggest problems all over the world. Credit card fraud.

For those who may not exactly know what credit card fraud is, a simple definition. Credit card fraud is the act of making a purchase using someone else's credit card information. Sounds like something that should be difficult to do. Unfortunately, it's not.

There are many types of credit card fraud, the most common we'll cover in this article.

First there is what is called "mail non-receipt fraud" which is when a new or replacement card is sent by the bank and never received by the person it was supposed to go to. This has been mostly combated by the banks sending out inactive credit cards where the person has to make a phone call in order to activate the card. Otherwise it can't be used. Unfortunately there are some banks that do not do this and still send out cards that are already activated.

Then there is what is called "chargeback fraud" where a legitimate cardholder uses the card to purchase goods or services. Then when the statement comes they call the credit card company and claim they never received the item or service or that they never authorized the transaction.

Another type of credit card fraud is called "skimming" where an employee or merchant makes a second copy of the person's credit card details before processing the payment. This copy is then sold on the black market to professionals who clone illegal copies of these cards. Fortunately, skimming has become less of a problem since the introduction of CVV and CVS codes. These are not encoded on the card strip but are physically written on the back of the card. This is a required three digit code to finalize all transactions. Without this code even a cloned credit card will not work.

Skimming at ATMs has also been a problem. What the illegally set up ATM machine does is place a skimmer device somewhere in the machine that reads the magnetic strip attached to the card. This is used together with various devices that monitor the keypad of the ATM by attaching a fake fascia over the original keypad. Fortunately, this is not as common today as it was years ago when ATM machines were relatively new.

Then of course there is "online credit card fraud" which is the most common type of credit card fraud today with all the transactions that people do each day. This type of fraud gets a little complicated but simply stated, when a person uses their credit card online, hackers monitor the person's entry into the merchant's system and essentially steal the credit card information without the person having any idea this is happening. Another way to get a person's credit card info online is to send an official looking email telling the person that they have to update their credit card info. They are sent a bogus link to go to where the info is collected and used for whatever purpose the scammer wants, whether to sell the info or use it to make purchases himself.

In the next article in this series we'll go into credit card fraud into more depth.

Michael Russell

Your Independent guide to Credit Cards

Article Source: http://EzineArticles.com/?expert=Michael_Russell

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Yes, low APR credit cards are on the rise. Many credit cards are competing for your business to give you the best and lowest rates available today. There are so many credit cards from you to choose from that they are doing all kinds of things to get your attention including lowering their interest rate and giving you no annual fees.

Why is this happening? Because there are so many credit card companies. They all want your business and this is an attractive incentive to get you to apply and own one of their credit cards. If you choose a low APR credit card over one with 19.99 percent you are sure to go with the lower APR.

The only problem is that sometime these 0% and low APR credit cards are only promotional ways to get you to apply and then later your interest rate will rise. Many credit card companies have low APR credit cards for a certain amount of time such as 3 months, 6 months and some up to one year. You will have to compare to find out which one keeps the lower APR after the promotional period to ensure you are getting the best deal around.

No matter what the reason low APR credit cards are here to stay as long as the companies are competing for your business. Just remember to compare everything they offer besides the lower interest rate. You may find that several credit card companies are now offering other wonderful incentives for you to apply with them such as reward programs.

No matter which company you choose, you will enjoy the low APR credit cards even if it is only for a limited time. You will be able to save money on your purchases because you will not have to pay any interest until the promotional period is over. Just be sure your balance is very low when the interest rate kicks in and you will be fine.