Fraud Definition

A Fraud Claim is where you (or a person who you have authorized to use your card or account information) never participated in the transaction with the merchant. This means that you did not provide any of the card or account information to the merchant at any time, not even for verification purposes.

Dispute Definition

A Merchant Dispute is where you or an authorized person uses your card or account in a transaction with a merchant but now there is problem with how it has been billed. This includes transactions for items like trial memberships and/or incorrect charges on the account. The member will need to contact the merchant first to settle the issue.

More About Financial Fraud 101

Phishing

Definition: The fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information such as passwords and credit card numbers.

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Pharming

Definition: The fraudulent practice of directing internet users to a bogus website that mimics the appearance of a legitimate one, in order to obtain personal information such as passwords, account numbers, etc.

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Vishing

Definition: The fraudulent practice of making phone calls or leaving voice messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as bank details and credit card numbers.

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Robo Calls

Definition: An automated telephone call which delivers a recorded message, typically on behalf of a political party or telemarketing company.

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Caller ID Spoofing

Definition: Caller ID Spoofing is the process of changing the Caller ID to any number other than the actual calling number. Caller ID spoofing happens when a caller knowingly falsifies the information transmitted to disguise the number they are actually calling from.

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Identity Theft

Definition: the fraudulent acquisition and use of a person’s private identifying information, usually for financial gain.

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Money Mules

Definition: A money mule is a person who transfers stolen money between different countries. Money Mules are recruited, sometimes unwittingly, by criminals to transfer illegally obtained money between different bank accounts.

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Elder or Vulnerable Adult Financial Exploitation

Definition: Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his/her own personal benefit. This frequently occurs without the explicit knowledge or consent of a senior or disabled adult, depriving them of vital financial resources for their personal needs. Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats.

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