8 Types Of Credit Card Frauds To Know
In my previous article, I have talked about some of the reasons why we need to embrace online payments as an option. In this article, I want to talk about eight major types of credit cards frauds that we should know when it comes to making payments online. Follow me as we are going to look at that together in this article.
Now the frauds…
#1 Credit Card Mail-Order Fraud
Here, the offender gathers information about a cardholder and sends a request to the bank for a new or a replacement card on behalf of the cardholder.
#2 Skimming / Counterfeit Card Fraud
Electronically copying authentic data on a card’s magnetic stripe to another card without the genuine cardholder’s consent.
#3 Chargeback fraud
A Genuine cardholder uses the card to purchase goods and services, and when the bank statements are issued, they call the bank and claim that they never authorised the transaction.
#4 Lost and Stolen Card fraud
The card is physically stolen or lost and then used by the offender to make online payment or perform any other transaction.
#5 Card Not Present (CNP) Fraud
An offender obtains credit card details and then purchase goods and services over the internet or by telephone, fax or email.
#6 Cash Machine Fraud
The offender tampers with a cash machine and then tricks the user into entering the pin in their presence.
#7 Shoulder Surfing
The offender oversees the card user when he is entering his card information with the sole purpose of using the card for an online transaction later on.
#8 Identity Theft
The offender uses fraudulently obtained the personal information of a credit card holder to access credit card accounts.
I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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