How does credit card fraud take place?

From http://debtconsolidation-ontario.ca/ – Credit cards are one of the most successful payment methods ever created. All your problems can be solved with a single swipe. They have made shopping extremely convenient as you can purchase anything you need without worrying about instant payments. They also help buy expensive items and allow you to pay later. At times, some credit cards also have discounts available, which further facilitates the buying process. The main thing you may hear about these payment cards is how ‘safe’ the procedure is because they are linked to your bank account. An important thing to remember is that they will only be safe if you take all the necessary precautionary measures. If you are not careful, your credit card can be involved in illegal activities.

Once anyone hears about credit card fraud, they immediately store their card in a safe place. But you must know that your credit card can be hacked even if it’s safe in your wallet. Your card number is enough for the damage to be done. There are many ways for the thief to access your number.

One way is the traditional and old-fashioned technique called phishing. The hacker can speak to you in a convincing tone while pretending to be someone from the credit card company and quickly gain access to your card’s details. Even though you think you will be able to detect their tone, some thieves are experts in this aspect.

If the thief has knowledge regarding professional hacking, they can hack into many supermarkets’ systems to gain access to your credit card number. All the numbers stolen from these systems can even be uploaded online on other card-buying sites. Other people visit these sites to use these numbers illegally, and the thieves who provide these websites with the numbers are paid per card.

Most of the times, even your computer can give you away. If the hacker manages to install some malware on your PC or laptop, they can easily access your credit card number (along with many other personal details) when you use it for online purchase. Therefore, you should protect your devices from malware.

RFID (Radio Frequency Identification) scanners are another treat for your credit card. Since most cards these days are contactless, once your card is in the same range as the scanner, your card number can be quickly stolen.

Your cellphone can be another target. If your phone’s software has NFC (near-field communication) technology to connect with the cashier’s POS (point of sale), you must be careful. At times, NFC can be manipulated, and all your information can be silently transferred to a thief.

Some criminals also have physical scanners that can scan the information quickly on your card. These scanners are also not very costly. Thus, the hacker can easily find out about the places where you use your card and tamper with the machine.

These are just some of the ways a thief can hack into your credit card. Even though it’s an absolute convenience to use one, you must also remember to take care of it.

By admin Posted in Money