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What is credit card fraud?

On Behalf of | Aug 25, 2021 | White Collar Crimes |

Credit card fraud is the most frequent type of identity theft, accounting for 41.8% of all identity theft reports, according to research.  Credit card fraud is the use of a credit or debit card without authorization to fraudulently acquire property or money, according to the FBI.

The state of Arkansas has its own definition of credit card fraud.

Credit card fraud in Arkansas

Arkansas Code §5-37-207 defines fraudulent use of a credit or debit card as a person knowingly using a credit or debit card account number to acquire goods or services under one of several circumstances:

  • Stolen or forged credit or debit card number
  • Canceled or revoked account
  • Unauthorized use of credit or debit card number

Penalties for credit card fraud

The penalties for credit and debit card fraud vary depending on the value of the fraudulently obtained money, goods or services over a six-month period. If the total value is $25,000 or more, it is a Class B felony with a prison sentence of five years to 20 years and a fine of up to $15,000. Amounts between $1,000 and $25,000 may result in Class C or Class D felony charges with prison terms between three and 10 years and up to a $10,000 fine. A value less than $1,000 may result in a Class A misdemeanor charge that comes with up to one year of jail time and a fine up to $2,500.

Because even the least serious credit card fraud charges can result in substantial penalties, persons charged with these crimes should take them seriously.