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Home > Banking Services > Credit Cards > Credit Card Fraud Tips: Types of Credit Card Frauds
Credit Card Fraud Tips: Types of Credit Card Frauds
Cardholders are getting concerned about all the amazing techniques fraudsters are using in order to commit fraudulent acts. Nevertheless, it would be useful for all consumers and cardholders to get to know more about it so that they take all the necessary measures to increase their safety.
One of their techniques is called Skimming. This refers to the fact that an employee of any rightful shop copies the details of the card on the magnetic strip prior to swiping the card through the terminal. This information is later sold to different fraudsters who are in charge of cloning cards. Skimming is also being held together with registering the PIN numbers. For this, they attach to the slot a skimming device that reads the magnetic stripe and use a camera to record the keypad.
Site Cloning or Spoofing is also a way by which credit card frauds are held. This is as simple as making an identical copy of a site designed to process orders of purchases. At it, you provide your name, address and all the information of you card and, as real ones do, they send you the “transaction” receipt by mail. Because of this, it is very difficult for consumers to figure out that it is a fraudulent act.
Triangulation is also a technique fraudsters have at their disposal. In general, this is a very complicated method. What they do is that they sell really cheap goods and ship them before the customer pays. Then, via mail, consumers must provide their name, address and details about their credit card. At this moment, fraudsters buy the goods to a rightful site utilizing other stolen cards. These sites are activated for a few weeks, and then, fraudsters open another one and the endless chain continues.
Finally, the most sophisticated kind of credit card fraud is Credit Card Generating. It refers to computer programs that produce absolutely valid credit cards and their corresponding expiry dates from one credit card account. These programs do this by using algorithms that card issuers also make use of.
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