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    Credit card fraud is increasingly common with the rise of mobile computing and mobile banking. Fraudsters use both traditional techniques like application and identity fraud, as well as modern methods such as skimming, phishing, and credit card generators. To prevent fraud, consumers should carefully protect their credit card information, report suspicious activity promptly, and be wary of providing sensitive details to unverified websites or callers.

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    Credit card fraud is increasingly common with the rise of mobile computing and mobile banking. Fraudsters use both traditional techniques like application and identity fraud, as well as modern methods such as skimming, phishing, and credit card generators. To prevent fraud, consumers should carefully protect their credit card information, report suspicious activity promptly, and be wary of providing sensitive details to unverified websites or callers.

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    Credit card fraud is increasingly common with the rise of mobile computing and mobile banking. Fraudsters use both traditional techniques like application and identity fraud, as well as modern methods such as skimming, phishing, and credit card generators. To prevent fraud, consumers should carefully protect their credit card information, report suspicious activity promptly, and be wary of providing sensitive details to unverified websites or callers.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    143 views9 pages

    3 3

    Uploaded by

    kambam swarna kanth reddy
    Credit card fraud is increasingly common with the rise of mobile computing and mobile banking. Fraudsters use both traditional techniques like application and identity fraud, as well as modern methods such as skimming, phishing, and credit card generators. To prevent fraud, consumers should carefully protect their credit card information, report suspicious activity promptly, and be wary of providing sensitive details to unverified websites or callers.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    of 9

    Credit card Frauds in mobile and Wireless Computing era

    These are new trends in cybercrime that are coming up with


    mobile computing and mobile banking.

    Credit card frauds are now becoming common place given the
    ever increasing power and ever reducing prices of the mobile hand
    held devices.

    Wireless credit card processing is a very desirable system, because


    it allows businesses to process transactions from mobile
    locations quickly, efficiently, and professionally.

    It mainly used by businesses that operate mainly in a mobile


    environment.
    Types and Techniques of credit card frauds

    1. Traditional Techniques:
    (i)The traditional type of credit card fraud is paper- based fraud- application
    fraud.

    A criminal uses stolen or fake documents such as utility bills and bank
    statements that can build up useful Personally Identifiable Information
    (PII) to open an account

    Application fraud can be divided into


    2. ID theft: Where an individual pretends to be someone else

    3. Financial fraud: Where the individual gives false information about his
    financial status to acquire credit

    (ii)Illegal use of lost and stolen cards is another form of traditional technique.
    Stealing a credit card is either by pickpocket or from postal service before it
    reaches its destination.
    2. Modern Techniques:

    Sophisticated techniques enable criminals to produce fake and


    doctored cards.

    There are also those who use skimming to commit fraud.

    Skimming is where the information held on either magnetic strip


    on back of credit card or data stored on the smart chip are
    copied from one card to another.

    Site cloning and false merchant sites on the Internet are becoming a
    popular method of fraud and to direct users to such bogus/ fake
    sites is called phishing.
    Such sites are designed to get people to hand over their credit card details
    without realizing that they have been directed to a fake web link/
    website

    1. Triangulation: Method of credit card fraud


    The criminal offers the goods with the heavy discounted rates through
    website designed and hosted by him.
    The customer registers on this website with his/ her name, address, shipping
    address and valid credit card details.
    The criminal orders the goods from a legitimate website with the help of
    stolen credit card details and supply shipping address that have been
    provided by the customer while registering on the criminal’s website.
    The goods are shipped to the customer and the transaction gets
    completed.
    The criminal keeps on purchasing other goods using fraudulent credit
    card details of different customers till the criminal closes existing
    website and starts a new one.
    Such websites are usually available for few weeks/ months, till the
    authorities track the websites.

    The criminals aim to create a great deal of confusion for the


    authorities so that they can operate long enough to accumulate
    a vast amount of goods purchased through such fraudulent
    transactions.

    2. Credit card generators:


    It is another modern technique- computer emulation s/w- that
    creates valid credit card numbers and expiry dates.

    The criminals highly rely on these generators to create valid credit


    cards.

    These are available for free download on the Internet


    Tips to prevent credit card frauds

    Do’s
    1. Put your signature on the card immediately upon its receipt

    2. Make a photocopy of both the sides of your card and preserve


    it at a safe place to remember the card number, expiration date in
    case of loss of card.

    3. Change the default personal identification number (PIN)


    received from the bank before doing any transaction.

    4. Always carry the details about contact numbers of your bank


    in case of loss of your card.
    5. Carry your cards in a separate pouch/ card holder than your
    wallet.

    6. Keep an eye on your card during transaction, and ensure to get


    it back immediately.

    7. Preserve all the receipts to compare with the credit card invoice.

    8. Reconcile your monthly invoice/ statement with your receipts.

    9. Report immediately any discrepancy observed in the monthly


    invoice/ statement.

    10. Destroy all the receipts after reconciling it with the monthly
    invoice/ statement.
    11. Inform your bank in advance, about any change in your
    contact details such as home address, cell phone number and E-
    Mail address

    12. Ensure the legitimacy of the website before providing any of


    your credit card details.

    13. Report the loss of the card immediately in your bank and at
    the police station if necessary.
    Don’ts

    1. Store your card number and PINs in your cell

    2. Lend your cards to anyone.

    3. Leave cards or transaction receipts lying around.

    4. Sign a blank receipt

    5. Write your card number/ PIN on a postcard or the outside of an


    envelope.

    6. Give immediately your account number over the phone

    7. Destroy credit card receipts by simply dropping into garbage box/


    dustbin.

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