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These breaches compromised millions of customers and led to unauthorized transactions and identity theft on a massive scale. Data Breaches and Retail Giants: Major retailers have fallen victim to data breaches, where cybercriminals infiltrated their systems and accessed vast amounts of customer data, including credit card information. Card-Not-Present Fraud: In card-not-present fraud, fraudsters use stolen credit card information for online or phone transactions where the physical card is not required.
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By exploring real-world examples of credit card fraud, we can gain insight into the various methods used by criminals to deceive individuals and organizations. In the event of potential security breaches, businesses can promptly inform cardholders about the situation, allowing for quick response and mitigation.