The Top 4 Ways Credit Card Fraudsters Are Successful

What happens when your credit card numbers have been stolen or your physical card

has gotten into the wrong hands? Unfortunately there are many people out in the public looking for opportunities to get a hold of your credit card to commit fraud. The following are examples of how credit card fraud works and how these individuals are successful and get away with it too.

Using Credit Cards Where CCV Check is Not Required

There are many credit card fraud techniques in the world. One of the simplest involves using stolen card numbers and processing purchases online. The methods in which the person committing the fraud got the number can be through various different methods. Regardless of how they got a hold of the number, having it is all they need to start racking up charges online. They mainly target websites which will accept the card number if the name and expiration date is provided, yet they do not need to perform the CCV number check to prove that they physically had the card available to them.

Credit Card is Used After the Death of an Individual

No matter how sad it sounds it is true: People will rob a dead man's body, even their virtual money if they get the opportunity to do so. Credit card fraud theft can happen anywhere, even in institutions that may seem safe are not off limits to fraudsters. Take an elderly person, for example, a young person they do not know may be put to the task of caring for them. If they are left alone, the elderly person can fall asleep and the young one would help themselves to the credit cards of the elderly individual. If they were to have died within a short period, the day they died is the opportunity the thief is looking for to rack up massive charges. No one would close the account for a few days, weeks even months before the charges are noticed and the crook is long gone before then.

Store Employees Are Incompetent

A common theme in fraud situations is gas station credit card fraud and variations. A stolen card gets taken to a gas station or other business and the person simply swipes the card and selects "credit". They sign the person's name and then walk off with their loot. Employees fail to ask for ID cards more often than not because they are bored with their employment situation and just want the day to be over.

Chargebacks by the Actual Customers

Credit card transactions on certain goods may have a 6-8 month window in which a chargeback can be issued by the actual customer. This cheats the company out of the money they made from selling their goods and services and allows for customers to simply steal from these businesses.

It is the same with a check credit card fraud situation. The card holder can make a large purchase of an item to use, receive it then many months later claim that they want a refund for some ridiculous reason from the card issuer. A majority of the time the card issuer will simply reverse the payment and even charge the company that accepted the payment for not doing their job correctly.

by: Gen Wright

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