Credit Card Fraud Laws we must know
I think now the time has come to us to know the laws about Credit Card Frauds in three different countries. Though all the countries have their separate laws they will be discussed later on demand.
We should start with U S A Law in this field:-
The Title 18 of the U.S. Code, Section 1029 provides details of credit card fraud penalties. Credit card fraud laws are also put in place by various state and federal law agencies. The punishment for this type of crime can vary in misdemeanor and felony classes depending on the jurisdiction and state laws. From being charged with class A misdemeanor to class E felony, the crime can result in many different criminal charges with varying sentences. As a first offense, the lowest time required to be served can range from 5 years to 15 years. Credit card fraud laws can sentence a criminal for up to 20 years in prison in the case of repeat offense. Very strict violation penalties are also put in place to discourage criminals from repeating their offense. (Source: - http://creditcardforum.com/credit-card-fraud/634-credit-card-fraud-laws.html)
U K Laws over this
In the UK, credit cards are regulated by the Consumer Credit Act 1974 (amended 2006). This provides a number of protections and requirements.
Indian Laws over this:-
Sections of Law: Section of Law: 66 of Information Technology Act 2000 (If fraud is through internet)
Section: - 120(B), 420, 467, 468, 471 of Indian Penal Code.
Punishment:- 66 of Information Technology Act 2000-à Whoever commits hacking shall be punished with imprisonment up to three years, or with fine which may extend up to two lakh rupees, or with both.
420 IPC--à Imprisonment for 7 yrs and fine
467 IPC-à Imprisonment for life or 10 yrs and fine
468 IPC -à Imprisonment for 7 yrs and fine
471 IPC -à Imprisonment for 7 yrs and fine
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