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Protecting Online Business: 5 Types of Credit Card Fraud Explained

New IdentityTheft Scam

Nowadays, it’s more important than ever before to make sure you’re protecting yourself from credit card fraud. With scammers and hackers upping the game all the time and trying all sorts of tactics to try and get their hands on your cash, it’s crucial that you’re aware of what’s going on so you’re able to protect yourself.

With this in mind, today, we’re going to take a deep-dive into five possible types of credit card fraud processes and scams that are active right now and explaining how they work. This way, you can look out for the warning signs and protect yourself from any potential danger to your finances.

  1. Imprinting Your Card

You may have seen examples of this scam taking place on social media as a lot of people are highlighting it. What it is is that someone will place a fake front or a device to an ATM that will scan the details of your credit card when you put it into the machine. Once they have your details, they’ll be able to scam your money.

The way to get around this is to be very careful with the ATMs you’re using. Always opt for using ATMs that are inside a bank where possible. If you can’t, run your hand over the machine above the keypad and by the card slot to make sure there are no suspicious devices attached.

  1. CNP Fraud

CNP fraud is basically fraud that takes place, even when someone doesn’t have your card. All fraudsters needs are the expiry date and the account number to take money out of your account. Of course, they need the three-digit verification code on the back, but with only 999 options, this is hackable. Keep your card safe and make sure you’re checking your statement for small transaction attempts.

3. Application Fraud

Perhaps one of the most common types of credit card fraud, this is a process usually linked with identity fraud. A scammer will basically take your details and sign up for a credit card, and then spend all the money they can possibly get away with on it. This way, they get purchases while you get the bill.

Fortunately, many banks and credit card providers will have safeguards in place to protect you, such as calling your employer and making sure you have the right documents. While documents could be forged, keep an eye open for letters in the post or phone calls that indicate an account may have been opened in your name.

4. Card Theft

Someone straight up stealing your credit card and using it is still something happening today, so what you need to do is make sure you’re securing your cards in a safe place on your persons while you’re out and about, and not being too obvious with your card while you’re using it, thus drawing attention to yourself. Check BusinessTrex out for more details.

5. Takeover of Accounts

Another super common case of fraud, in an account takeover, someone will get hold of your credit card details, perhaps through phishing online, and will request for your bank to change the address of your credit card. A replacement card will then be sent to the fake address, where they can then make purchases.

The best way to stop this from happening is to protect your information in the first place. Make sure you’re only putting your details onto professional and secure websites you trust, and you’re using strong passwords and internet security to protect your data.

Summary

As you can see, there are various scams out there that you’ll need to be aware of, but by being aware of them and learning how they work is all you need to do when it comes to protecting yourself and your money.

Source: on 2020-12-30 09:48:45

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