A fraudulent transaction is an unauthorized financial operation conducted using your information without your consent.
It often occurs when a thief accesses your credit card, bank account, or other financial instruments to make purchases or withdraw funds illegally.
For example, if someone obtains your credit card details and buys items online without your knowledge, that’s a fraudulent transaction.
These transactions can also happen when someone tricks you into sending money through deceitful schemes, like phishing emails or fake investment opportunities.
If you receive an email from what seems to be your bank asking for personal details and you comply, criminals could use this information to carry out unauthorized transactions.
Victims of fraudulent transactions may notice charges they don’t recognize on their bank statements or receive notifications for purchases they never made.
It’s important to monitor financial statements regularly and report any suspicious activity to the financial institution immediately to mitigate losses.
Financial institutions often have measures in place to detect and prevent fraudulent transactions, such as transaction monitoring systems and customer verification processes.
If a fraudulent transaction is detected, banks can reverse the charge, refund the stolen amount, and take steps to secure the account, such as issuing a new card or changing account numbers.
