Credit Card Fraud refers generally to any fraudulent transaction using a credit card as a source of funds. The fraudulent transaction may be committed to obtain goods or services or to illegally obtain funds from an account. Credit card fraud may occur simultaneously with identity theft, but can also occur when a legitimate consumer makes a purchase with no intention of paying for the goods or services, sometimes referred to as chargeback fraud or friendly fraud. Credit card fraud is related to debit card fraud, differing primarily in the form of payment. Another form of credit card fraud is new application fraud, in which a perpetrator applies for a credit card in a victim’s name, then uses the card to purchase goods and services illegally. A victim’s credit card information can be acquired in a number of ways, by being purchased on the deep/dark web, by using skimmers at retail points of sale or ATMs, or through corporate data breaches.. The true cost of credit card fraud for merchants is more than just the cost of lost merchandise — it also includes lost profits, bank fees and chargeback costs.