How Credit Card Fraud Techniques Work?

The people who are using credit card must have the complete idea about a variety of techniques /types of credit card fraud

. The reason is that such information will make it feasible for you to avoid any misfortunate event. Here is quick description of some common credit card fraud techniques and I will also tell you how credit card fraud works.

Credit Card Fraud Types Or Techniques:

Malware Attacks: Many of you know about malware however for those who don't have any idea for them Malware is the software that is used by internet criminals for stealing the information from different computers. This kind of software usually attacks your personal computer when you open entrusted websites or download the movies and songs from any scam website. In case you do not have any anti-virus installed on your personal computer then your personal and financial information is on stake. A person who directed this software toward your PC is able to steal your credit card information and other confidential details.

False Merchant Sites:It is one of common credit card fraud techniques. Actually, some merchants start the website on which they sell the products at a very low price so that visitors feel attraction in their offers. When a customer visits the website then a merchant demands full details of credit card. In this way, a merchant collects and saves the details of a number of customers. Once he has enough details of credit card then he closes his websites and stars exploiting the details.

Phishing and SMSishing:It is another credit card fraud type in which you become a victim of fraudulent situation just because you open an email or SMS from unrecognized address. You are asked to confirm your credit card account information and password. These emails and messages exactly resemble with the official ones so you provide your detail and become a part of credit card scam.

Credit Card fraud Skimming:It is one of the advanced credit card fraud schemes. Actually skimmers try to steal the information of customer's credit card with the mean of a legitimate transaction. Actually when a customer buys the product from a dishonest merchant then there is a possibility that his credit card details are being stolen by this merchant. He either misuses these details or sells such information for a price to another scammer. It has been reported in many survey reports that a number of cases of credit card fraud identity theft have occurred due to this type of credit card fraud.

Credit Card Generator: It is software that generates the valid credit card numbers and passwords. A number of online scammers get help from this software and become involved in bank credit card fraud or other scams.

Site Cloning / Spoofing: In this credit card fraud type, an online scammer clones an order form of a well-known merchant site. This page is quite identical to the real website's form so customers never have any doubt on it. They enter their details in the form such as name, address, full details of their credit card when they are going to place the order. The owner of cloned or spoofed website sends the customer order receipt and therefore one never realize any such scam till he becomes a victim of it.

by: Gen Wright

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