In cases of credit card fraud, is there a dollar amount before the bank calls in law enforcement?
A relative may of committed credit card fraud and I was wondering if the bank would ask that the debt be paid, or drop the issue at a certain dollar amount, or have law enforcement intervene. If law enforcement was to get involved, what would they typically do?
Answer
If the "mistake" is paid in full promptly, the bank will probably let it go. Not paying promptly is generally considered confirmation of fraud. Banks are becoming far more aggressive in collecting these days -- they have to.
Each bank determines their own criteria for pursuing fraud charges. And they are disinclined to discuss or publicize those criteria for obvious reasons. But banks (and other lenders) are definitely pursuing criminal charges on much smaller amounts than they did a year or two ago. And they are pushing prosecutors/district attorneys much harder to go after these.
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Call the number on the back of the credit card. Tell them straight up that you found the card. They will cancel the card, if it isn't already. Don't be stupid and do anything with it though. Credit Card fraud is a big deal.