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Fraudulent Transaction
Many individuals suffer damage to their credit report / score and general financial reputation as a result of fraudulent transactions placed on their credit cards or other of their financial assets. The most common form of fraudulent transactions are those "racked up" on stolen credit cards.
Essentially any charge made on an individual's account (or levied in any way against their assets) without their permission is said to be a fraudulent transaction. More than half of such fraud takes place through online purchases made with stolen credit cards.
The best protection for the cardholder is to immediately cancel the account when it is suspected that a card has been lost or stolen. If fraudulent activity is allowed to occur it can take weeks or in some instances even years to clear up the charges and to regain your good financial name depending on the extent and type of fraud perpetrated.
More terms explained
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