More and more people are taking the cashless route. Cashless payment options like debit cards, digital wallets, and standard credit cards are becoming ever more popular. Credit cards are one of the first forms of cashless transactions and can reduce losses in cases of mugging or snatching. But, unfortunately, it may be at risk of a different kind of theft: credit card fraud.
Whether you want to learn more about financial fraud or you’re looking for a trustworthy bail bonds company in CT for information on white collar crime, in this article we’ll take a closer look at credit card fraud and all that it entails.
Do credit card frauds get caught?
Credit card fraud is when someone uses your credit card to purchase items or services without your knowledge. Worldwide figures related to this type of bank fraud show an alarming trend. Credit card fraud is ranked as the #1 type of identity theft fraud.
Some credit card fraud perpetrators do get caught and convicted, and banks are working fast to make fraud even more complicated by introducing new protection protocols and technologies. However, perpetrators of credit card fraud are rather rarely caught, prosecuted or convicted due to the nature of card fraud, requiring boots on the ground investigations, taking a significant amount of time. Unless the dollar amounts of fraud exceed six figures, local state and federal authorities often will not investigate. If it is an amount worth going after someone for, this will more than likely be the process.
Credit card fraud and other similar financial crimes are lower on the concern level. Additionally, the costs for the bank to go after criminals amount to more in terms of money and resources, and it’s simply easier to write off the fraud or charge it back to the merchant. According to stats, the local police woubailld be more likely to pursue the criminal than the card-issuing bank, which tends to write off these losses up to a certain amount.
How serious a crime is credit card fraud?
Bank fraud crimes are very common in the US. They are considered “wobbler” offenses which, depending on the circumstances and seriousness of the crime, can be treated as a misdemeanor or a felony. Due to the huge numbers of credit card frauds, the punishment for credit card fraud crimes has changed in many states in recent years, from misdemeanors to felonies. Those charged with credit card fraud could face the possibility of prison time ranging from two to five years and upwards, thousands of dollars in fines, as well as restitution.
Can you get bailed out for bank fraud?
If a warrant arrest is issued for bank fraud, courts very often allow bail to be posted. Regardless of the grave economic and social circumstances, these are not violent crimes. In principle, defendants should be granted bail, the amount of which may vary depending on the seriousness of the offense, the circumstances of the defendant, the number of people affected by the crimes, etc.
Reach out to the leading financial fraud bail bonds company in the CT region
BailCo Bail Bonds Manchester is a dedicated company providing bail bond services across Connecticut. We boast a team of qualified professionals that are at your service 24/7. Whether you are situated in Hartford or another area of the state, you can rely on the finest bondsmen and women in the region. Don’t hesitate to reach out to us for all your inquiries!