Humans are greedy; we all know that, but something we can never understand completely is the limitation to this greediness. Man works to make. So he could make his living and meet his basic needs. But what if he starts earning through illegal means? Then there are inherent obligations that make him liable for penalties and punishments. Nature punishes mankind in various ways for not abiding to its fundamental rules.
Similar is true for technology. In case of credit cards, people do control the trades to acquire money from it. Credit card is often called as plastic currency. There’s a magnetic strip over every credit card that stores the information about the card holder’s identity and his account details also. There are a variety of methods of credit card fraud.
Credit card fraud is categorized into two fundamental categories depending upon the process of fraud ran, which are conventional practices and contemporary methods of card fraud. Cards have made shopping really simpler. Some of the conventional techniques used for cards frauds are:
- Software fraud- people submit forged software by providing incorrect monetary information regarding their bank accounts and income statements.
- Intercept fraud- stealing the card, before reaching its final destination. That is stealing the card through post or courier transport.
- Lost or stolen card- most frequent manner of fraud but the toughest to take care of.
Credit card prevents the consumer form that he hassles of carrying hard cash in their pockets, which is really insecure. We often use their cards to make payments for their purchases where they cannot make one time down payment. They could then pay the prtship carding remainder amount in a variety of instalments. However there are swindlers and scam artists who control the solitude Settings of the card info and execute card frauds. Technology can be changed in one’s favours or interest by manipulating the in-built system.
As technology has provided ample knowledge to the kids about its Origin and systems, it is made them aware of its usage as well abuse also. Card businesses take proactive actions to prevent such scams and frauds ahead of time, but even then there are chances of manipulation and fraud.
Modern methods for credit card fraud are similar to:
- Fake or doctored cards
- Credit card generators
- False retailer sites and website cloning.
Fraudsters abuse technologies to make fake cards to coddle in fictitious card transactions. They use strong electro-magnet to erase the details within a card, and change those details to match another card details. Fraudsters often create fake merchant websites. Such fraudsters attract clients by supplying hefty discounts on purchases and after that; they request card information to validate the order. This way they easily access the card info of a legal client, which may now be utilised according to their intentions.