Fraud On The Internet
Purchase fraud occurs when a criminal approaches a merchant and proposes a business transaction, and then uses fraudulent means to pay for it, such as a stolen or fake credit card. As a result, merchants do not get paid for the sale. Merchants who accept credit cards may receive a chargeback for the transaction and lose money as a result.
An example of a fraudulent purchase transaction:
This is what wiki has to say about this but i just got scammed for a few grand and am mighty pissed, any suggestions for me guys?
