Credit card fraud can occur in several ways.
1. ATO (Account Take Over)Police believe that insiders provide details of credit cards to the syndicates. Members of these syndicates then contact the “card centre”, reporting that the cards are lost and that they are the rightful owners. They then request a change of address. Banks post the replacement cards to the new address.
2. CNP (Card Not Present)
Using other people’s credit card account numbers to purchase goods or services (such as air fl ight tickets or reserving hotel rooms) via the Internet. The credit card account numbers and the CW/CVC numbers are obtained through cashiers in shopping complexes, hotels and other commercial areas.
3. False Application
Applications are made by falsifying identity card numbers, pay slips and employer certifi cation letters. Syndicates use unoccupied premises as the address for correspondence.
4. Stealing other people’s cards and using them
There are cases where credit cards are stolen and used in many places especially fuel stations.
5. Replacement of original credit cards with another card
When the customer pays with a credit card, the cashier will return a similar looking card to him or her . The customer only fi nds out that the card has been switched when he receives the credit statement with purchases he has not made included in it.
Contributed by TheStar
0 comments:
Post a Comment