Tag: credit card fraud

What is Credit Card Fraud in Colorado?

What is Credit Card Fraud in Colorado?

Credit card fraud is one of the most common types of fraud crimes. Anyone who illegally uses a credit or debit card with the intent to defraud another party, including a vendor, credit card holder, or credit card company, can be charged with this crime. But, what does this really mean? What constitutes an illegal use of a credit or debit card? Here’s what you should know:

Unauthorized Use of a Credit Card

Using another person’s credit card without their permission is considered credit card fraud in Colorado. This crime can be charged as a felony or misdemeanor, depending on the value of the fraud. For example, charging less than $50 to someone’s card is charged as a class 1 petty offense. However, the crime becomes a felony if the value of the illegally obtained goods is more than $2,000.

Illegal Possession of a Credit Card

In the state of Colorado, it is illegal to have a financial device in your possession that you know is lost or stolen. Since a credit card is classified as a financial device, this means it is illegal to have a lost or stolen credit card in your possession. It’s important to note that you do not need to actually use the lost or stolen credit card in order to be charged with this crime. If it is in your possession, you are violating this law.

Having one unauthorized credit card is a class 1 misdemeanor, however the charges are increased if you have more than one unauthorized credit card in your possession.

Identity Theft

Credit card fraud often involves identity theft. For example, let’s say you use someone else’s information to open a credit card account. This is identity theft, so even if you never charge anything to the account, simply getting a credit card with someone else’s information is illegal.

In fact, law enforcement has the right to charge you with this crime even if the credit card application is not approved. The act of applying or completing an application for a credit card with someone else’s information is identity theft, regardless of whether the credit card company issues a card.

If you have been charged with credit card fraud, seek legal representation from the criminal defense attorneys at Reisch Law Firm. Let our team aggressively fight for the best possible outcome in your case. Schedule a free consultation today by calling 303-291-0555 or filling out this online form.

Most Common Types of Fraud Crimes

Most Common Types of Fraud Crimes

Fraud is a broad term that can refer to a number of different illegal activities. There are many different types of fraud crimes, but the goal of each of these crimes is to illegally obtain something of value by using deception. Here’s a look at some of the most common types of fraud crimes in the U.S.:

Credit Card Fraud

This type of fraud is committed when someone illegally obtains another person’s credit card information and then uses this information to charge unauthorized purchases to the victim’s account. Credit card fraud is discovered when the victim either notices the unauthorized charges on his account or is notified of these charges after his credit card company detects suspicious activity.

Credit card fraud can also occur when someone uses false information when applying for a credit card. For example, he may provide inaccurate income information or open the account in someone else’s name, which is a form of identity theft.

Insurance Fraud

Many people who commit insurance fraud may not even know that they are committing a serious crime. For example, someone who submits a car accident claim to an insurance company and exaggerates his healthcare expenses is attempting to deceive the insurance company in order to obtain more money. This is one type of insurance fraud that is often referred to as “soft fraud” because people often think that telling a little white lie isn’t a big deal. Hard insurance fraud, on the other hand, occurs when someone intentionally causes damage or fakes an accident in order to recover compensation from an insurance company.

Mortgage Fraud

There are two general types of mortgage fraud. The first is referred to as fraud for housing, and occurs when someone provides inaccurate information to a lender in order to make his application more attractive and secure a loan to buy a house. The second type is fraud for profit, which occurs when an appraiser, broker, or other real estate professional is motivated to commit fraud in order to profit off of the sale of a property. For example, a loan officer could persuade an appraiser to increase the appraisal value of a home to match what the buyer is paying in order to complete the transaction.

These are some of the most common types of fraud, but they are far from the only fraud crimes that you may be charged with in Colorado.

If you are facing fraud charges, seek legal representation right away. The criminal defense attorneys at Reisch Law Firm have years of experience representing clients who are being accused of committing fraud. We will stop at nothing to protect your freedom. Schedule a free consultation today by calling 303-291-0555 or filling out this online form.