What is Credit Card Fraud?

 

Credit card fraud is the fraud which is done by cheater by using other's credit card for getting its payment in his account or accounts or getting goods and service and using other's credit card. 

It is crime but criminal do not fear such crime before getting punishment. It is different from mistake transfer to other unknown bank account through credit card. I go the payment two times and I refunded same after vitrification. 

Credit card fraud is done normally by theft. Then the criminal tries to use it for illegal purchase or tried to withdraw credit card money. This card fraud can easily stop if the original cardholder is very aware for the security of card and report immediately to bank to block it after he got the notice that he does not have the credit card in his wallet. 

Bank's IT department is working day and night for security of your card. Now it is under magnetic stripe, cvv verification code, card no., expiration date and OTP and card holder location tracking. 

1. Credit card fraud through taking personal identification information

One of big credit card fraud is to steal personal information of victim. Criminal tries to get other's adhaar card and pan card and open the online bank account and tries to get online credit card of Victim's name and use it for withdrawing victim money. 

2. Taking the Control of Account Fraud

In this case, criminal take the authorize control of victim credit card, sim and mobile and email. With this, criminal has power to withdraw or illegal use of card. 

3. Trust Based Fraud

When criminal win the trust of victim and victim inform every his personal information. Same information criminal uses his credit card fraud.

4. Fraud through Skimmer

Skimmer is very small device which is used for copy of credit card data when victim uses his card in atm and other mall or merchants for buying his goods and service. Skimmer device has power to read the magnetic strip in ATM machine. There is also camera device which can read during writing PIN in ATM machine