Facts About Credit Card Fraud

8/6/2019 Facts About Credit Card Fraud

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It is a wide- ranging term for theft andfraud committed using a credit card or

any similar payment mechanism as a

fraudulent source of funds in atransaction.


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Theft of the Card

Counterfeiting

Phishing

Credit Card Generating


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It is physically stolen from your and animpostor pretends to be you to obtain

goods and services.


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It is also called as skimming. Anemployee of a shop puts your card into

an electronic skimming device and

steals your card details before returningyour card.


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A phisher may send to the cardholder an e-mail that looks as if it comes from the credit

card, asking him to log onto a web page

(which purports to be the credit cardcompanys site but is actually set up by the

phisher) and enter passwords, account

numbers and other personal information.


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Criminals use the numbers the credit cardgenerator creates and either test them to

see which ones are valid or use a printer to

make fake cards.T

hey then find a placethat accepts credit cards but has no

capacity to immediately validate them.


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When your credit card gets into thehands of a dishonest employee of an

establishment while he is processing the

payment of your bill.


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When you provide the account information

through mail, phone or internet vendors

and unauthorized persons gain access to

it.

When you respond to a fraudulent e-mail

or input the information on a phony

website.


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Whenever merchants database is

breached, or hacked into, and your

account information together with those of

thousands of other peoples are taken.

When your account information is

purchased from a person who stole the

said information from you.


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Credit Card

Account Number

3-Dimensional

Hologram

Bank Identification

number


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Card Verification

Code/Value

Magnetic Stripe

Signature Panel


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It is the 16-digit embossed number on thefront of the card. It should appear clear,

clean and uniform and should always match

card number printed on the sales receipt.


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It is the four numbers below the 16 digitembossed account number. If the first

four numbers of the 16- digit account

number and this number do not match,the card is counterfeit.


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It should reflect light and seem to changewhen you rotate the card.


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It is the last three digits on the signaturepanel of the credit card. This number is

always asked when doing online payment

transaction. If the number is given to thevendor incorrectly or is not available, the

merchant may not process your order.


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A stripe of magnetic information that isaffixed to the back of the credit card. This

stripe contains customer and account

information that is required to completeelectronic financial transactions.


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It is where your signature is affixed. A cardis not valid unless this is signed.


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YES!

R.A. No. 8484

Subsection X320.9,MORB; Subsection4337Q.9,MORNBFI

Subsection X320.13,MORB; Subsection

4301N.13 and Subsection4337Q.13,MORNBFI

Item No. 5 ofAppendix 70 of theMORB on Complaint

Resolution

Annex D, Item No.1,of Appendix 70 of theMORB on Disclosure

Requirements


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It requires credit card issuers to provide adetailed explanation and a clear

illustration of the manner by which all

charges and fees are computed.


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Require credit card companies tomaintain confidentiality of information of

cardholder although with exceptions.


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Require credit card issuers to givecardholders at least 20 calendar days from

statement date to examine charges posted

on his/her statement and inform the credit

card companies in writing of any billing error

or discrepancy.


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Provides that banks may receive customer

complaint either through an electronic medium or

otherwise, concerning an unauthorized transaction,

loss or theft in its e- banking account. Banks should

ensure that controls are in place to review these

notifications and that an investigation is initiated asrequired. Banks should also establish procedures to

resolve disputes arising from the use of e- banking

products and services.


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Requires that at a minimum, there bedisclosure of information on who will be liable

for unauthorized or fraudulent transactions to

protect consumers and inform them of their

rights and responsibilities.


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Sign your credit cards as soon as youreceive them.

Keep an eye on your credit card everytime you use it. Make sure you get it back

as quickly as possible.


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Dont give out your account number

over the phone unless you initiate the call

and you know the company is reputable.

Never respond to scam e- mailsrequesting your credit card details. Dont

respond to e- mails that ask you to go to a

website to verify personal and credit card

information.


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Never enter your credit card information

on a non- secured website. Secured

websites will have a URL of https instead

of http and will display a padlock icon in

the bottom right corner of the web browser.

Open credit card bills promptly and

make sure there are no unauthorized

charges. If there are any, report

immediately to the credit card issuer.


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Make sure you shred old receipts andbilling statements and destroy cards

properly.

Never sign a blank credit card receipt.

Never lend a credit card to anyone else.


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Call the 24- hour hotline of your bank

immediately and report if card is lost or

stolen. Write down the reference number,date and time of call.


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AC 202August 12, 2011

Facts About Credit Card Fraud

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