Credit Card Fraud

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Credit Card Fraud
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Credit card fraud - situation when an individual
uses another individuals credit card for
personal reasons while the owner is not aware of
this fact
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Credit card frauds are committed in the
following ways

• an act of criminal deception by use of
  unauthorized account or personal information
• illegal or unauthorized use of account for
  personal gain
• misrepresentation of account information

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Modus operandi for credit card frauds

• lost or stolen card - 48
• identity theft - 15
• skimming - 14
• counterfeit card - 12
• phishing - 6
• other - 5

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Stolen

• most issuers have 24 - hour telephone numbers
• unauthorized purchases until it canceled

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Identity theft

• social security or drivers license numbers
• false credentials for immigration
• attributed to the victim
• account takeover
• true name theft

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Scimming

• illegal copying of information from the magnetic
  strip of a credit card
• fake or cloned card with your details on it
• borrowing money and taking out loans

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Phishing

• massive numbers of phony e-mails to consumers
• e-mails look legitimate
• victims are directed to a fake web site

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The 9 million world-wide bank robbery
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• Sergei Tšurikov (Estonia) found a path of entry
  into the RBS computer network
• Managed an existing ring of cashiers
• Distributed fraudulently obtained debit card
  account numbers and PIN codes
• Hacking rings raised the accounts limits on
  compromised accounts
• 44 counterfeit payroll debit cards

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Be careful!
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Guidelines to protect yourself from credit card
fraud

• Destroy your expired cards
• Immediately sign new cards
• Dont keep your PIN in your wallet
• Treat credit cards as if they were real money
• Lost or stolen cards should be reported
  immediately
• Be cautious when giving information to websites
  or unknown individuals
• Verify transactions on your statement with your
  receipts
• Keep an eye on the credit card when making
  transactions in shops
• Dont sign a blank credit card receipt
• Dont borrow your cards