In today’s modern era, most people depend on the name credit card, credit card fraud is a very real risk. There are many ways these criminals can obtain and use credit card information. By developing an understanding of how credit card fraud works, you can avoid theft and misuse of your personal credit card information.
In application fraud, the thief fills out a credit card application in someone else’s name, hoping to get the card on that person’s record and stick them with the bill. Many credit card companies have an array of protections to prevent this type of fraud, including address check credit reports. Check to ensure that approved credit card addresses are only sent to addresses registered with the applicant’s credit bureau.
When performing fraud intercepts, criminals acquire law-applied cards and use them for their own purposes. They may obtain cards by stealing them from the mailbox, taking credit cards from home, or collecting and using stolen credit cards. Since these cards are legally enforced for and issued, it is nearly impossible for credit card companies to prevent this. Thus, the burden of preventing intercepts rests with credit card owners – who must carefully monitor credit cards to ensure they are not lost or stolen.
Through numbers, thieves get credit card numbers that will be used for online purchases or bill payments. Because this type of theft involves theft of numbers only – not physical cards – it is much easier for this type of fraud to be carried out electronically.
Replication card fraud involves creating a copy of a credit card. To commit this type of fraud, the fraudster must have the necessary tools to make a copy of the credit card. Because this tool is so rare, this type of fraud is far more prominent than other, easier forms of credit fraud.
Skimming is a high-tech form of credit fraud that involves stealing electronic information from credit cards. Skimmers use electronic tools to capture information from credit cards. In some cases, these tools can collect credit information without coming into actual contact with the card. In other cases, criminals place an information-recording device in a credit card machine and skim the information from the card.
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: InternetMania Blog