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Fraudulent Transaction
Fraudulent transactions are the primary purpose of identity theft and can lead to a heavy burden of debt and a poor credit rating for the victim. Essentially a fraudulent transaction is any transaction charged against an individual's assets either through credit card fraud or similar misappropriation of personal information for financial gain. For instance, if an individual's health insurance information were stolen and used to gain access to health care resulting in medical costs to the legitimate policy holder a fraudulent transaction would have taken place.
Debt counselors estimate that more than half of the fraudulent activity that occurs in the United States occurs from the use of credit cards for online purchases. The bulk of this activity can be blamed on lost or stolen cards. The best protection is to immediately cancel a card that is believed to be lost or stolen to prevent the thieves from "maxing out" the card's debt potential.
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