Credit Card Fraud Alert

There are different types of card fraud going on these days. So one should be cautious at every point. In order to be cautious you need to have knowledge of different card fraud which are taking place. The different card fraud can be as follow:




Physical stolen & lost card fraud:
The card which is physically stolen from your purse or from home or which is lost, can be used by the criminal posing as you, to purchase goods and services. Unless and until you don't report the loss of your card the criminal can make the best use of your card. This type of card fraud is decreasing now a days and is expected to diminish once chip and pin is fully rolled out in U.S.

Card-not-present (CNP) fraud:
It may happen that fraud may carried out without the physical existence of card. In this types of fraud the card is not stolen by the criminal in fact your card details are stolen. This types of fraud are usually carried over internet, by telephone, fax and mail order. The criminal can easily take our details from discarded receipts or he can copy our details during a transaction. This type of card fraud cannot easily detect the criminal because:

• There is no physical security feature of the card which can determine its genuineness.
• Unless and until there is PIN and signature of the card holder it is impossible to determine the actual cardholder.

This type of card fraud is one of most largest fraud that is taking place in US.

Counterfeit or Skimming card fraud:
In this types of fraud the card is printed, embossed or encoded without the permission of card company. The fraud can even take place by altering or recoding the valid issued card.This type of fraud usually take place at retail outlet, bar, restaurant or at petrol station where criminal or corrupted employee can easily skim your personal details from your card by electronically coping your data from your card electronic stripe without the customer's knowledge. The stolen information by corrupted employees are then sold on higher up the criminal ladder where counterfeit cards are made.

Identity theft on card:
In this type of fraud the criminal stole your personal details in order to create or access the card account in your name. they stole your important document like bank statement, bill etc. which are to access account in your name. The criminal can even takeover your running account by stealing your key personal information. In this case the criminal can take the chance of changing your current account details by altering your address and asking for new card and cheque books.

Thus I hope the above information will be useful for all card users and it can alert you by being cautious while using or handling cards. If every person is aware of such fraud it can stop criminal from doing such delusions.