Manchester, NH — June 01, 2016 — Banking institutions, authorities, and the payments industry are developing new innovations to fight identity thieves and fraudsters. These measures are created to establish a safe environment for financial transactions. There are many types of identity theft crimes, and they make many people from around the world suffer from financial embarrassment.
Experts highlight the types of card fraud that consumers should know about. Today, there are many measures used to fight these crimes such as card validation codes, tamper-evident signature panel, holograms, and EMV chip.
While these security advances are thought to be helpful, it is important that consumers know exactly what credit card fraud is and the ways they could be victimized. Consumer education is one of the most important strategies in fighting crooks.
There are eight major kinds of fraud linked with debit and credit card transactions. The first is lost or stolen cards, which is considered to be the most common. Individuals who lose their cards or end up having their cards stolen from them should report to the proper institutions to minimize the damage.
The second kind of credit card fraud is called account takeover. This takes place when the cardholder unsuspectingly provides personal information to fraudsters. Personal information includes mother’s maiden name and home address.
The fraudster then gets in touch with the bank of the cardholder, reports a lost card as well as a change of address, and obtains a new card in the name of the soon-to-be victim.
There are many other types of card crimes such as the never received technique, which happens when the card is stolen from the mail and has not been able to reach its rightful owner. There is also fraudulent application that takes place when the fraudster utilizes the name and information of the victim to apply and get a credit card.
Other credit card crimes are called the multiple imprint, collusive merchants, mail order/telephone order (MO/TO) fraud, and counterfeit cards.
Counterfeit cards pertain to a cloned card. The cloned card is then used to make purchases. There are card skimming devices are typically used by thieves to read the personal information from credit cards and use it for fraudulent, illegal purposes.
The good news is that there are products such as the RFID blocking sleeves designed to protect consumers from thieves. These sleeves work by blocking thieves and their skimming devices from reading a cardholder’s information and using it for purchases, loans, and other criminal purposes.
The RFID blocking sleeves can be purchased at amazon.com.
RFID Vault is a brand dedicated to protecting your bank without breaking it! Keep your personal information stored on bank cards, credit cards, driver’s licenses and passports safe a secure. We are dedicated to providing quality RFID products and personal customer service. Learn more at http://www.myRFIDvault.com
SOURCE LINK: http://newsroom.mastercard.com/asia-pacific/2014/10/28/8-different-types-card-fraud/
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