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Jul 20, 2022 · A bust-out is a type of credit card fraud where an individual applies for a credit card, builds up a normal payment history, and then maxes it out with no intention of paying the bill.
The meaning of BUST OUT is to begin (doing something) suddenly. How to use bust out in a sentence.
Apr 6, 2023 · Bust-out fraud is a high-stakes scheme in which fraudsters spend months or even years flying under the radar disguised as normal cardholders before making a big cash grab.
Bust-out fraud is a sophisticated financial scam where individuals or organized groups intentionally build creditworthiness and establish a reputable financial history to gain access to large amounts of credit.
Mar 29, 2024 · Bust out fraud is a type of credit fraud where an individual (or someone utilizing a false identity) acquires credit, then maxes out the account with no intention of repaying.
From the criminal’s point of view, “bust-out” business fraud is an ideal scam. You can target multiple companies—both large and small—in a single operation; your fraudulent activities fly under the radar of most traditional anti-fraud controls; and you can abscond with the stolen cash or goods before your victims even realize they’ve been scammed.
May 8, 2024 · Bust-out fraud involves winning over an organization's trust to extract value, then promptly disappearing without paying. For fintechs, in particular, falling victim to these fraud schemes can harm relationships with sponsor banks and payment processors.
