akhil hobby
1 post
Jan 28, 2023
2:01 AM
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The unauthorized use of a credit card account to fraudulently obtain money, products, or services is termed Credit card fraud. To commit this crime, online offenders physically steal credit card account information, obtain it via scrapers or malware, or even purchase it on the dark web. In case you fall victim to credit card fraud or if you lost your card, the bank is the first place you must notify instantly. The bank after being notified, will manage to block the card immediately thus preventing any further transactions at the same time. Around work and in the UAE, credit cards are targeted for online fraud on a daily basis. The latest technology is used, by criminals or hackers, to deceive people in many different ways
Some common methods of credit card fraud;
1. Stolen or Lost cards: This is one of the first and foremost credit card fraud today. A credit card is often obtained by fraudsters through theft or obtaining a lost card. In such cases, the fraudster tries to use this credit card information to make online transactions or other purchases if they can get away without having to use the PIN for security. These stolen cards can be used for any number of transactions unless you contact a provider to block your credit card.
2. Counterfeit or fake cards: Devices such as "skimmers" are used by fraudsters to illegally obtain credit card information. These devices, with the help of a magnetic strip attached to the card, can easily capture credit card information, when cards are unknowingly swiped on that device. This information is then used by Scammers to create and use fake cards.
3. Phone and SMS scams: This type of credit card fraud crime is becoming more common, as a fraudster contacts the card owner and obtains sensitive personal information such as birthdate, passwords, and card details. Often such calls are made pretending to be the technical team of the bank, and the caller makes a convincing charade that causes the cardholder to provide sensitive information. Also, to scam customers, the service of text messaging is used by criminals to obtain banking information.
4. Phishing scam: Fraudsters sometimes try this method of email phishing which is very common using the internet. By sending unsolicited emails to get personal information of other parties, such as their date of birth, full names, address details, etc. These are simple emails posing as a reputed finance organization or a bank. Through this method, the fraudster tries to steal as much data and supporting documents as possible to carry out their work.
5. Application Details: In this method, the fraudster applies for a new credit card after getting all your personal information, including your identity documents details. The fake or stolen information is used to open an account in your name. Scammers use your phone bills, electricity bills, and bank statements to open an account in your name.
How to secure your credit card from fraud?
The following steps must be followed to ensure your credit card is safe and you are not in some kind of trouble:
1. Always make sure to update your contact information in the bank where you got your card from, including your phone number, in the bank where you got the card from;
2. Your account statements need to be checked regularly, immediately contact the bank if you notice any irregularities and also seek legal advice from banking lawyers if you need any legal help;
3. Sign up for SMS alerts from your bank so that you are immediately notified of every transaction;
4. Do not leave your card unattended, treat your card like cash;
5. While travelling, carry only those cards that are necessary;
6. The back of the new credit card must be signed immediately after receiving it;
7. Do not mention your account number over the phone unless you know the commercial institution you are dealing with;
8. Do not sign blank receipts;
9. Draw a line to fill in the blank space above the total value on purchase receipts to prevent changes or additions;
10. Record card numbers, expiration dates, and customer service numbers. Keep this information in a safe place away from where your cards are. Use it to report lost or stolen cards
11.Do not write the card number or personal identification number (PIN) on the outside of an envelope or postcard. Do not write your PIN on a card, leave it in your wallet, or store it in your mobile contact list. Also, do not share your password, PIN, or one-time password (OTP) with another person; and
12. Keep your devices updated with the latest virus and malware protection software.
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