Category Archives: Credit Card Fraud

Let’s Take A Look Into Credit Card Fraud

This day and age, credit card fraud is very common. Victims of fraud often experience a lot of hassle and tension. Whenever you have a card, you should always be aware of the security features that are included with the card. When you are looking to get a card, you should always make sure that it offers plenty of security.

With credit card companies all over the United States, card fraud is becoming more and more common. Users are becoming more and more aware of the situation, and always look for ways to protect themselves. Many companies that offer cards are looking into other methods of security, to prevent fraud from happening.

The best way to protect yourself against fraud is to check the monthly credit card statements you receive. By looking at your statements, you’ll easily be able to tell if your account has suffered any type of fraud. Whenever you notice any type of fraudulent charges, you should immediately contact your card company and inform them. This way, they look into it and try to retrieve the money that was illegally stolen from you.

Another way that you protect yourself from fraud is to never reply to emails that may appear to be sent through your bank or Credit Card Company. There are a lot of fake emails going around, that will steal your info should you enter it in. You should always use caution with emails, and reply only if you know that the email was indeed sent from your bank or card provider.

You can also protect yourself from fraud by keeping your credit card approximately you at all times. Whenever you hand it to someone to make a payment, ensure that it is given back to you promptly. You should also keep it safe from others so they can’t view your info. When you carry your card with you, you should always keep it in a safe place, such as your wallet. This way, you don’t have to worry about it falling out.

There are always steps that you can take, to avoid falling into the trap of thieves and criminals. Criminals are always out there, looking for ways that they can steal your credit card info. Therefore, it’s up to you to protect yourself. Card fraud happens quite frequently these days, commonly as a result of card holders not being aware of how to protect them. Anytime you suspect fraud, you should contact your bank or company. This way, you can let them know what happened – and take the necessary steps in stopping fraud before it goes on any farther.

Uchenna Ani-Okoye is an internet marketing advisor

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If you’re the kind of person who likes to rely on your credit card then you’ll need to read through these common credit card scams currently being perpetrated around the world.

1) The Skimmer

These little contraptions affix to ATMs in secretive ways you’d never notice unless you were specifically looking for them. When you swipe your credit card or debit card, the skimmer reads your information and sends it on to whomever set up the device in the first place. Some scammers will even set up cameras alongside their skimmer in order to capture victim’s button presses, as well. More often than not, credit card skimmers can be found in gas stations.

2) The False Jury Duty Scam

In this scam, the perpetrator will call their victim, claiming that the victim has missed an assigned jury duty and as a result, a bench warrant has been put out for their arrest. The worried individual will then proceed to do whatever they can to get out of the trouble, giving the caller a lot of personal information — including credit card numbers. This scam has been extremely popular in 2017, especially in Colorado, where several area seniors have fallen victim to this easily avoidable crime.

3) The Fake ID Scam

In recent years, innovative criminals have resorted to creating entire fake identities and even shell corporations that could lend legitimacy to their credit history. They then purchase credit cards and run up huge tabs before the credit card company goes looking for the bill, only to discover that they’re hunting a ghost. In early 2017, two Jersey City jewelry store owners were sentenced after using this technique to steal somewhere in the neighborhood of 0 million before they were apprehended.

4) The Defective Chip Card Scam

These scammers call their customers, claiming to be the victim’s bank and tell them that their brand new chip card is defective or say that it’s time to receive their new chip card. Either way, the result is the same: the scammer asks for the victim’s personal information in order to get the ball rolling, only to turn around and use that personal info to run up huge credit charges.

5) Better Credit Card Deals

Some scammers will call their victims and pose as executives working for the credit card company itself. There’s even a trick they sometimes use to gain a victim’s trust –Known as the ‘no hang-up scam– where they ask you to hang up and call the number on the back of the card. However, the scammer doesn’t hang up and spoofs the dile-tone, leaving the call still connected. When you come back the scammer’s accomplice answers and impersonates whoever you thought you’d called and continues with the scam, asking you for your personal information to finalize the details and get everything all set up for you.

It’s relatively common knowledge that you should never, ever give out any personal information to anyone on the phone, even if they claim to be from an official source.

And no credit card company is going to actually call and solicit private information from you over the phone or via email.

6) Be Especially Careful in These Seven States

Nevada, Colorado, Maryland, New Hampshire, Alaska, Washington, and Oregon report the highest instances of credit card fraud in the United States. As a result, it’s likely a good idea to be extra vigilant when you’re in these areas. If you’re hoping to avoid a skimmer hiding at an ATM, just jiggle the card reader before you swipe. If it’s loose, it’s best not to trust it.

7) The In-House Scammer

Corrupt service industry personnel like waiters will double scan credit cards, once to apply your meal charges and once into a secret scanner they’ve brought that can store your credit information for future use. Unfortunately, this one is generally tough to avoid, since it is very commonplace to give your card to an employee in a restaurant and allow them to carry it out of sight.

8) Companies Aren’t Immune, Either

More than one major company, including Apple, Target, Sony, and more, have been the victim of attacks that have compromised the personal information of their users. Take, for instance, the attack on TJ Maxx in 2006 that exposed more than 94 million customer credit cards. The person responsible, Albert Gonzalez, was leading a 12-person ring of hackers. They’d raised more than a billion dollars before being apprehended.

Credit Card Fraud Rising in Online Shopping

The use of stolen charge cards on the web is rising, as criminals make even more deceptive acquisitions on the web to bypass stricter in-person retail protection actions. WSJ’s Lee Hawkins describes.

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Credit Card Fraud

Identity theft comes in many forms, but one of the most common types, and also, one of the most destructive, is credit card fraud. Now, you may think you have protected yourself from credit card fraud, but the reality is, there are so many ways in which an identity theft can steal your details and therefore commit this type of fraud, that you may not have protected yourself against every eventuality.

The first thing you need to think about when considering protecting yourself from credit card fraud, is the ways in which people are able to get hold of your credit cards, or personal information in order to apply for one. The first thing you should watch out for is any problems you may encounter with ATM machines. If you notice anything strange about the way the cash machine is working, do not use it and inform the bank or company that owns the machine. The most common thing that seems to happen, is a small card reader is mounted over the slot that reads the card and can be use for copying it, and also a tiny camera which monitors the pin numbers. This method allows the thief to monitor and collect many different card details and Pin numbers to use in the form of credit card theft. This may also happen for the small machines that you use to pay by card in crooked stores, or by a crooked sales cashier.

For more detailed frauds, these identity thieves need more than just card details. They need address and names, and these can be found by rooting through garbage cans. These details can easily be found on utility bills or bank statements. They can use that information, as well as details that can be found with the electoral roles and other data that is publicly available, to perform costly and intricated forms of credit cards.

Credit card fraud can also be performed in the way of lost mail. Thieves have been known to steal post from mail boxes and every year, the postal companies are reporting more and more lost mail. Important documents such as check books, credit cards, Pin numbers can all be intercepted before they reach the owner of the mailbox.

You should also be aware that thieves also use websites to purchase goods, either by way of credit card fraud, or by just using your personal details. Online auction sites should be carefully monitored, and so should sites that store your personal information for any future purchases.

The only way to be protected against credit card fraud, is to be aware. Your documents can be stolen in so many ways, and you need to ensure that you always keep a close eye on your finances.

There are certain insurances you can take out to protect you, if you should ever become a victim of credit card fraud, and it is a good idea to check out these options for further reference.

There are a lot more ways to protect yourself and your family from this type of fraud. The best thing to do is to put it into practice. Remember these thieves wants your most precious possession, your identity. Knowledge is power!

Author and internet entrepreneur Bernard Pragides offers expert advice and tips regarding identity theft. Learn more about identity theft and fraud by visiting his identity theft blog at www.Identity4Life-blog.com for more helpful information.

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How can credit card fraud affect your credit score?

Have you or is someone you know ever been a victim of credit card fraud? What were some of the consequences you had to deal with after the unfortunate incident? Wish you knew more about this type of crime?

Credit card fraud is one of the most common and simplest forms of identity theft. In essence, this happens when someone spends using your credit card information. Most commonly, fraudsters will use your information to pay for their restaurant or hotel bills, get groceries or make online purchases.

Interestingly, this type of fraud can also happen when your pre-approved credit card offers fall into the wrong hands–fraudsters need only to get these out of your mailbox or trash and mail them in with a change of address request and start spending. A person who has access to your personal identifying information, including your social security number, birthdate and work tax ID can even apply for a credit card using your name if they want to.

More often than not, victims of this type of scheme don’t realize someone’s been misusing their information until credit card companies start demanding for payments, during which your credit score affected.

How it affects your credit score

Needless to say, your credit score is a very important piece of information. It is a key to appearing like a financially responsible individual in the eyes of lenders and other companies. Like any other forms of ID theft, credit card fraud can negatively affect credit score.

Here are some ways credit card fraudsters’ actions can cause negative effects on your credit score:

1. Credit checks. Every time someone applies for a credit card in your name, credit card companies are likely to look at your credit report. It is important to understand that credit checks made by companies appear on your credit report and causes your credit score to go down by a couple of points.

2. Unpaid credit cards. It is not uncommon knowledge that a lot of identity thieves–as oppose to stealing your card–would opt to apply for a credit card using your information. Ask yourself this: what are the chances that the fraudster, after getting the new card, would make any effort to pay the amount he used? Of course, the consequences for his actions fall on your shoulders. Each time a month of non-payment passes, your credit score goes plunges.

The danger of shopping online

Online shopping fraud is one of the most common forms of credit card fraud as making purchases over the internet don’t usually require PIN numbers. For years now, authorities and financial institutions have been trying to find ways to prevent credit card fraud when shopping online, but to little avail.

For most banks and credit card companies, the online version of credit card fraud is no different from its counterpart in the physical world. This is why many card issuers nowadays are choosing to put security measures in place to protect both their clients and themselves, including credit card alerts and the “Verified by Visa” service.

Conclusion

Fraudsters are getting more and more creative in terms of finding new tactics to get their hands on the information they need to do their dirty work. Now more than ever, protection is essential. What you will get from credit protection is the peace of mind that someone out there is looking out for your back.

Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on why should we monitor credit regularly and how credit monitoring helps.

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Latest Credit Card Fraud News

Image from page 211 of “Bell telephone magazine” (1922)
credit card fraud
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Identifier: belltelephone7273mag00amerrich
Title: Bell telephone magazine
Year: 1922 (1920s)
Authors: American Telephone and Telegraph Company American Telephone and Telegraph Company. Information Dept
Subjects: Telephone
Publisher: [New York, American Telephone and Telegraph Co., etc.]
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive

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About This Book: Catalog Entry
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Text Appearing Before Image:
25

Text Appearing After Image:
rc 26 property by means of false or fraud-ulent pretenses, representations, orpromises, transmits or causes to betransmitted by means of wire, radio,or television communication in in-terstate or foreign commerce, anywritings, signs, signals, pictures, orsounds for the purpose of executingsuch scheme or artifice, shall befined not more than ,000 or im-prisoned not more than five years,or both. Looking at the problem from theBell System point of view, toll fraudcan be divided into three separatecategories: 1) fraudulent use ofelectronic devices to illegally enterthe telephone network, 2) fraudu-lent use of telephone credit cards,3) fraudulent use of third-numberbilling. Bell System losses from creditcard and third number cheatsamounted to .5 million in 1971while losses incurred from elec-tronic fraud are almost impossibleto estimate with any degree of ac-curacy. A closer look at each type oftoll fraud may show that each mustbe dealt with as a separate problemwith different solution

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