Credit Card Frauds
This era belongs to technology where technology becomes a basic part of our lives whether in business or home which requires connectivity with the internet and it is a big challenge to secure these units from being a sufferer of cyber-crime. Wireless credit card processing is a tremendously new service that will enable an individual to process credit cards electronically, virtually anywhere. It permits corporations to process transactions from mobile locations quickly, efficiently, and professionally and it is most regularly used via organizations that function in general in a cellular environment.
Nowadays there are some restaurants that are using wifi processing tools for the safety of their credit card paying customers. Credit card fraud can take place when cards are misplaced or stolen, mails are diverted by means of criminals, employees of a commercial enterprise steal some consumer information.
Techniques of Credit Card Frauds :
1. Traditional Techniques :
- Paper-based Fraud –
Paper-based fraud is whereby a criminal makes use of stolen or faux files such as utility payments and financial institution statements that can construct up beneficial Personally Identifiable Information (PII) to open an account in anybody else’s name.
- Application Fraud –
- ID Theft :
Where a person pretends to be anybody else.
- Financial Fraud :
Where a person offers false data about his or her monetary reputation to gather credit.
- ID Theft :
2. Modern Techniques :
Skimming to Commit Fraud is a kind of crime in which dishonest employees make unlawful copies of credit or debit cards with the help of a ‘skimmer’. A skimmer is a gadget that captures credit card numbers and other account information which should be personal. The data and records held on either the magnetic stripe on the lower back of the deposit card or the records saved on the smart chip are copied from one card to another.
To detect Credit Card Fraud, refer.
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