![]() ![]() Scammers may contact victims by email, text message, social media or phone, pretending to be someone they’re not in order to ‘phish’ for information. Phishing is used as a way to access account information. Meanwhile, despite large-scale hacks and breaches of e-commerce databases, the research shows far fewer compromised card-not-present records up for sale on the internet, at just 14.2 million in the past year. Data shows that nine out of ten records – 41.6 million – stolen during card-present transactions were from cards with the EMV security chip. The unfortunate fact is that the majority of those incidents could have been prevented. The company estimates that three-quarters of compromised cards were likely compromised through skimming card data, and point of sale breaches at merchants. Swipe and signature is still the predominant method used during over-the-counter transactions there, and chip-and-PIN is yet to take hold.Īccording to security vendor, Gemini Advisory, it used telemetry data collected from illegal web-based marketplaces and found that at least 60 million US cards were compromised in the past year (4). Over in the United States, the numbers don’t look so pretty. It seems anti-fraud measures – think chip-and-PIN – are working here in Australia, where statistics show instances of card skimming and replication fell 45% in the year to June 2018 (3). By attaching false panels that contain cameras and skimming devices to an ATM or other payment device, fraudsters can record card and PIN info, which can then be used in card-not-present fraud, or to clone counterfeit cards. So, how do they go about getting the info they need to carry out credit card fraud?Ĭredit card skimming involves fitting small electronic devices to ATMs to steal users’ credit card details. Without your personal and credit card info, fraudsters have nothing. Often going hand-in-hand with further identity theft issues, this type of fraud can go undetected for some time, as the victim would have no idea these extra credit card accounts exist, and would have no way of tracking payments. Application fraud: With application fraud, someone applies for a credit card in your name using your personal info.Not-received fraud: With not-received fraud, your card is intercepted before you receive it, most commonly this involves having it taken from your mailbox after you have applied for a new card, or are receiving a replacement.Counterfeit card fraud: With this type of fraud, criminals use your credit card data to create a counterfeit card, which can then be used for any type of transaction.Card-not-present fraud: With card-not-present fraud, your credit card is used to make online and over-the-phone transactions, where there is no need for a physical card, a PIN or a signature, just the details on the card itself.So, with that in mind, let’s have a look at the most common types of credit card fraud and how they work. The more you know about credit card fraud, the more you can do to protect yourself. Too late for that? We’ll also go look at what you need to do if you’ve been a victim of credit card fraud. What you need to know is how criminals access your hard-earned cash, what kind of anti-fraud features your credit card has, and other ways you can protect yourself. In fact, credit card fraud cost $490billion in the 2020/21 financial year according to the Australian Payments Network data. While it’s convenient, tech-driven payment systems have their own risks. ![]() ![]() We use credit cards and cashless payments for everything these days. ![]()
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