Credit Card Fraud

Credit card fraud - situation when an

individual uses another individual’s

credit card for personal reasons

while the owner is not aware of this fact

Credit card frauds are committed

in the following ways:an act of criminal deception by use of unauthorized account or personal informationillegal or unauthorized use of account for personal gainmisrepresentation of account information

Modus operandi for credit card frauds:

lost or stolen card - 48%identity theft - 15%skimming - 14%counterfeit card - 12%phishing - 6%other - 5%

Stolen most issuers have 24 - hour telephone numbersunauthorized purchases until it canceled

Identity theftsocial security or driver’s license numbersfalse credentials for immigrationattributed to the victimaccount takeovertrue name theft

Scimmingillegal copying of information from the magnetic strip of a credit cardfake or ‘cloned’ card with your details on itborrowing money and taking out loans

Phishing

massive numbers of phony e-mails to consumerse-mails look legitimatevictims are directed to a fake web site

The 9 million world-wide bank robbery

Sergei Tšurikov (Estonia) found a path of entry into the RBS computer networkManaged an existing ring of cashiersDistributed fraudulently obtained debit card account numbers and PIN codesHacking rings raised the accounts limits on compromised accounts44 counterfeit payroll debit cards

Be careful!

Destroy your expired cardsImmediately sign new cardsDon’t keep your PIN in your walletTreat credit cards as if they were real moneyLost or stolen cards should be reported immediatelyBe cautious when giving information to websites or unknown individualsVerify transactions on your statement with your receiptsKeep an eye on the credit card when making transactions in shopsDon’t sign a blank credit card receiptDon’t borrow your cards

Guidelines to protect yourself from credit card fraud: