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Credit card fraud

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Credit Card is subject to fraud, Somebody is stealing your Plastic money and you wouldn’t even know it!The unwary credit card user is in for some unpleasant surprises if he is careless with the cards. You don’t see it coming, no warnings, no tell tale signs either. The risk lurks-internet ads, emails, post emails or telemarketing waiting to steal your money. A few precautions can avert mishaps and keep you smiling. Credit card fraud falls in three categories: credit card theft, credit card account number theft and identify theft. The credit card theft is the most common type of fraud; the card is stolen and used for purchases without us being aware about it.

Fraud fall in three categories-

The credit card theft is the most common type of fraud. The thief lays his hand on the credit card, and is in physical possession of the card, the security code on the back of the card gives access to purchases at stores and online transactions as well.

The credit card number theft occurs at point of sale, or via online transactions. The number is generally stolen at sales terminals, a post-swipe operation, where the unwary card holder’s credit card data-account and pin numbers is harvested and stored to be used later. The card-swipe unit is identical to the authentic one, hence fools the customer in believing it so. The account numbers are printed on forged cards and used for purchases, online purchases. It is too late a month or so when one realizes the loss.

Credit card identity theft, the criminals steal your identity- applying for a credit card on you name, direct them to different address. The cards arrive and are used for making purchases by the elements. A long time lapses until the card company takes legal action against you for the unpaid bills, this comes as big surprise- totally out of the blue.

The “mail non receipt fraud” is a new or replacement card sent by the card company that doesn’t reach the rightful recipient, falling in wrong hands. Some banks ensure the card is delivered to the right person by expecting a confirmation call, activation of the card thereafter.

The credit card fraud –skimming. Illegal copies of the credit card are cloned based on the credit card details, obtained by co-workers, colleagues this cloned versions are sold in the black market. The problem is arrested since the entry of CVV and CVS codes, which are physically written on the back of card and needs three codes for confirmation. Skimming seems less threatening.

The online credit card fraud – hackers track your credit card information details and especially merchant system, stealing information. Replying a dubious email demanding info updates of credit card. The harvested info is used by scamsters – usage or selling information.

Check monthly statements for irregularities and abnormalities or changes, bring to the notice of the company of any such discrepancies. In case of a fraud the card is inactivated, or cancelled and reissued.

Don’t take your credit card for granted!

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