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Driver shoves SUV off cliff, endangers rescuers. Fraudster lied Kia was stolen, video proves he did the deed for insurance money. by Jim Quiggle November.
Table of contents
The compromise can occur in a number of ways and can usually occur without the knowledge of the cardholder. The internet has made database security lapses particularly costly, in some cases, millions of accounts have been compromised. The cardholder may not discover fraudulent use until receiving a statement. Cardholders can mitigate this fraud risk by checking their account frequently to ensure there are not any suspicious or unknown transactions.
When a credit card is lost or stolen, it may be used for illegal purchases until the holder notifies the issuing bank and the bank puts a block on the account. Most banks have free hour telephone numbers to encourage prompt reporting. Still, it is possible for a thief to make unauthorized purchases on a card before the card is canceled. Card information is stored in a number of formats. Card numbers — formally the Primary Account Number PAN — are often embossed or imprinted on the card, and a magnetic stripe on the back contains the data in machine-readable format.
In Europe and Canada, most cards are equipped with an EMV chip which requires a 4 to 6 digit PIN to be entered into the merchant's terminal before payment will be authorized. However, a PIN isn't required for online transactions. In some European countries, if you don't have a card with a chip, you may be asked for photo-ID at the point of sale. In some countries, a credit card holder can make a contactless payment for goods or services by tapping their card against a RFID or NFC reader without the need for a PIN or signature if the cost falls under a pre-determined limit.
However, a stolen credit or debit card could be used for a number of smaller transaction prior to fraudulent activity being flagged. Card issuers maintain several countermeasures, including software that can estimate the probability of fraud. For example, a large transaction occurring a great distance from the cardholder's home might seem suspicious.
The merchant may be instructed to call the card issuer for verification or to decline the transaction, or even to hold the card and refuse to return it to the customer. Application fraud takes place when a person uses stolen or fake documents to open an account in another person's name. Criminals may steal or fake documents such as utility bills and bank statements to build up a personal profile.
When an account is opened using fake or stolen documents, the fraudster could then withdraw cash or obtain credit in the victim's name. To protect yourself, keep your details private and store sensitive documents in a secure place and be careful how you dispose of personal identifiable information. An account takeover refers to the act by which fraudsters will attempt to assume control of a customer's account i. Control at the account level offers high returns for fraudsters.
According to Forrester, risk-based authentication RBA plays a key role in risk mitigation. A fraudster uses parts of the victim's identity such as an email address to gain access to financial accounts.
This individual then intercepts communication about the account to keep the victim blind to any threats. Victims are often the first to detect account takeover when they discover charges on monthly statements they did not authorize or multiple questionable withdrawals.
Among some of the most common methods by which a fraudster will commit an account takeover include proxy-based "checker" one-click apps, brute-force botnet attacks, phishing, and malware. Other methods include dumpster diving to find personal information in discarded mail, and outright buying lists of 'Fullz,' a slang term for full packages of identifying information sold on the black market. Social engineering fraud can occur when a criminal poses as someone else which results in a voluntary transfer of money or information to the fraudster.
Fraudsters are turning to more sophisticated methods of scamming people and businesses out of money. A common tactic is sending spoof emails impersonating a senior member of staff and trying to deceive employees into transferring money to a fraudulent bank account. Fraudsters may use a variety of techniques in order to solicit personal information by pretending to be a bank or payment processor. Telephone phishing is the most common social engineering technique to gain the trust of the victim.
Businesses can protect themselves with a dual authorisation process for the transfer of funds that requires authorisation from at least two persons, and a call-back procedure to a previously established contact number, rather than any contact information included with the payment request. Your bank must refund you for any unauthorised payment, however they can refuse a refund on the basis: it can prove you authorised the transaction; or it can prove you are at fault because you acted deliberately, or failed to protect your details that allowed the transaction.
Skimming is the theft of personal information having used in an otherwise a normal transaction. The thief can procure a victim's card number using basic methods such as photocopying receipts or more advanced methods such as using a small electronic device skimmer to swipe and store hundreds of victims' card numbers. Common scenarios for skimming are restaurants or bars where the skimmer has possession of the victim's payment card out of their immediate view.
Call centers are another area where skimming can easily occur. This device allows a thief to capture a customer's card information, including their PIN, with each card swipe. Skimming is difficult for the typical cardholder to detect, but given a large enough sample, it is fairly easy for the card issuer to detect.
The issuer collects a list of all the cardholders who have complained about fraudulent transactions, and then uses data mining to discover relationships among them and the merchants they use. Sophisticated algorithms can also search for patterns of fraud. Merchants must ensure the physical security of their terminals, and penalties for merchants can be severe if they are compromised, ranging from large fines by the issuer to complete exclusion from the system, which can be a death blow to businesses such as restaurants where credit card transactions are the norm.
Instances of skimming have been reported where the perpetrator has put over the card slot of an ATM automated teller machine a device that reads the magnetic strip as the user unknowingly passes their card through it. Online bill paying or internet purchases utilizing a bank account are a source for repeat billing known as "recurring bank charges". These are standing orders or banker's orders from a customer to honor and pay a certain amount every month to the payee. While many payments or purchases are valid, and the customer has intentions to pay the bill monthly, some are known as Rogue Automatic Payments.
Federal Trade Commission
Another type of credit card fraud targets utility customers. Customers receive unsolicited in-person, telephone, or electronic communication from individuals claiming to be representatives of utility companies. What do I need to do? Beware of phishing scams including phone calls, text messages and emails.
Ask you for your PIN number.
Credit card fraud
Make grammatical errors in written communications to you. Use fear tactics to get money or gifts from you. Do not reply to the email. Do not click on any of the links embedded in the email. Forward the email to abuse capitalone. After forwarding the email to Capital One for investigation, delete it. Be sure to monitor your account and call us if you notice any unusual activity. Examples of fraudulent activity include the following:.
Fraudulent charge s — one or more transactions made to your account without your authorization. Identity theft where fraudsters use personal information and pose as the victim to gain control of their accounts or set up new credit accounts in their name.
Keep your personal information private. Never share your PIN number with anyone. Avoid sharing identifying personal information on social media, including your date of birth, address and phone number. Next, I'd have to make a phone call to the accounts receivable department of the company whose identity I plan to steal and ask for writing instructions so I could ostensibly wire funds I owe them.
And just like that, I'd know which bank the company uses and its account number at that bank. Then, I'd go online to access the company's annual report. Lo and behold, now I have a copy of the chairperson's or CEO's signature from the letter at the beginning of the report, which I can put on the checks I created through the miracle of technology. All of it totally authentic to the very last detail — except that the money isn't mine, and the check is a fake. Want to avoid identity theft?
Credit card fraud - Wikipedia
Never, ever use a debit card. I don't own one. I never have and I never will. I don't recommend them to anyone — not my family, not my friends, not you. As I said at the Google talk , a debit card is certainly and truly the worst financial tool ever given to the American consumer.