August « 2011 « credit card fraud protection

August 31, 2011

Plastic Protection: Safeguarding Against Credit Card Fraud

Plastic Protection: Safeguarding Against Credit Card Fraud

It has been claimed that we could be living in a cashless society by 2012. And whilst this prediction may be a little off the mark, there can be little doubt that there has been a gradual shift away from paper payments.

It’s now possible to pay for just about anything with a credit or debit card these days; whether it’s at the supermarket, hairdressers or train station. What’s more, the ubiquity of chip and pin facilities in many retail outlets may well mean the end of cash transactions across the country; however, this will probably be some time after the 2012 prediction. But for the many millions of people who currently use a credit or debit card to cover their countless daily payments, they are faced with a more immediate concern, one that should be addressed sooner rather than later.

However, despite the increasingly sophisticated anti-fraud measures banks have in place, credit card fraud is a reality across the globe. Identity theft is becoming an increasing problem, due partly to the surge in online transactions and it’s not something that’s likely to disappear any time soon.

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But there are a number of simple steps that consumers can take to ensure that they don’t become one of the many credit card fraud victims.

In the age of the internet, it’s easy for us to lose track of where we have submitted our personal details. From social networking websites and online banking, to forums and a whole host of e-commerce websites, it’s not difficult to forget where we have logged our personal details. Therefore, it is important to be careful as to what information is given out.

Furthermore, it’s important to ensure that up-to-date and reliable anti-virus software is installed, which can help to prevent hackers gaining access to a home computer hub through distributing Trojans or any number of phishing scams.

It can be easy to forget that credit card fraud didn’t come about entirely with the advent of the internet; it existed long before the World Wide Web became ubiquitous across society. This is why it’s important to always destroy any sensitive documents, receipts or letters that contain personal financial information. Rather than throwing them in the bin, it’s advisable to shred any sensitive information so that it doesn’t fall into the wrong hands.

Of course, all the precaution in the world can’t completely safeguard anyone from credit card fraud, which is why it is sensible to have adequate credit card protection in place, in the event that personal financial information does fall into the wrong hands. Not only will this help to cover the cost of any fraudulent credit card use, but it also offers a little peace of mind for those who are concerned about how they would manage if their credit card was lost or stolen.

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August 30, 2011

Q&A: Why do people insist upon using credit/debit cards for small, daily purchases?

Filed under: Credit Card Fraud Protection — Tags: Cards, credit/debit, daily, insist, People, purchases, small, upon, using — @ 1:20 pm

Question by Biff Tannen: Why do people insist upon using credit/debit cards for small, daily purchases?
I’ve noticed a huge trend lately of populating using credit/debit cards for virtually every transaction they make, no matter how small. I work in a retail store and people will use them for $ 2-$ 3 purchases, which is asinine. Don’t populate realize that all they’re doing is unwittingly furthering the goal of a cashless society and making banks even more money? Of course, there are times when the usage of a card is secured, such as items bought remotely (mail/internet/phone sales) and larger purchases that you want the CC company’s protection for or for something that you don’t immediately have the cash on hand. Cards were ne’er really intended for day-after-day, intensive usage; this is part of the reason why there is so much fraud and identity theft. People besides frequently live beyond their means with cards, which is another pitfall. I will stick to CASH, personally-no one makes/charges a transaction fee, and companies do not get personal info about me and my buying habits!

Best answer:

Answer by jade_frost82
Ok, 2$ and using a CREDIT tease I can see being a little outrageos, but I use my DEBIT card for everything. Including 2$ coffee purchases. My bank does not charge anything and its actually safer than cash because if it gets stolen, I don’t lose anything, and I am not creditworthy for any unauthorized transactions. I would much rather use my debit card. Debit cards are intended to be used on a daily basis, I think they make life easier, no more counting refreshing, no more worrying about whether you have the right amount of cash, or when the bank is going to be open to get more. Just swipe the card and go.

What do you think? Answer below!

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August 29, 2011

Credit Card Fraud Update Oct.

Filed under: Credit Card Fraud Protection — Tags: card, credit, Fraud, Oct., Update — @ 8:23 am

Credit card fraud October update

Replica of the last of systems designed to protect your credit cards are used online by fraudsters to imitate the systems of credit card issuers own safety and steal cardholder personal information.

best credit card security systems, verification of “MasterCard SecureCode” and “Verified by Visa ‘security management layer to improve ’2 nd’ of about 70 million holders credit card, according to statistics from the British Association of cards.

Unfortunately, fraudsters set up websites that look like extra security procedures offered by banks and are luring unwary credit card holders to disclose their personal information.

If you shop online regularly, you saw that banks and credit card companies are constantly advising clients to follow through on the additional security measures that “MasterCard SecureCode” and “Verified by Visa offer. American Express do not currently have a second layer visible.

But Internet security experts at the University of Cambridge say that such systems further people to enter confidential information in the pages that they can not be sure are real. Although the information and how it is presented visually on the security paged could be reproduced by an amateur web programmer in minutes, banks and retailers are increasingly asking their customers to enroll in the either of the plans. There is little difference between the versions Visa and MasterCard, or to compare systems of credit card security again, they both work on the same software and directors

Steven Murdoch University Cambridge told

“Criminals are imitating ‘Verified by Visa” and sites “MasterCard SecureCode” and the collection of confidential customer data, such as their password, their ATM PIN or card number . “

Murdoch said after the launch of this additional layer of security, the number of fraudulent sites security has increased dramatically. Although the foundations of the right credit card in the UK intend the customer does not pay for any fraudulent transactions, consumers need to be constantly aware of the “General Conditions” of their card issuers if they avail themselves of this protection. Mr. Murdoch said that if customers are victims of fraud, they could terminated up being responsible.

He went on to say

“One of the touch we have is what might follow the same situation as Chip and PIN. Technology is the first clocking, the terms and conditions are changing and customers are liable for fraud, even if there is no way for them to stop effectively. “

Mark Bowerman Association of the UK card which aims to represent the stakeholders in the credit card industry said

“We have never claimed that these systems are 100% secure. However, if someone is a victim of fraud who signed for these systems, and unless their bank and tight hard evidence that they acted negligently, then their bank or credit card issuer must be make an immediate return for them. “

The credit card industry say the incidence of such fraud is rare and that, overall, these systems contribute to the gradual reduction of fraud by credit card. Card fraud debit and credit fell by more than a quarter to £ 440.3m in 2009. However, online banking fraud increased from 14% in the same period to 59.7 million pounds.

Finally one of the best ways to protect yourself against this type of credit card fraud is to be sure that the online retailer you are buying from is reputable.

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August 28, 2011

With 720 credit score, $7500 available & $1300 to owe would canceling a card (have 3, 2 w/ $0) hurt my score?

Filed under: Credit Card Fraud Protection — Tags: $1300, $7500, available, canceling, card, credit, hurt, score, Would — @ 3:21 am

Question by Morgan Ludvigson: With 720 credit score, 00 available & 00 to owe would canceling a card (have 3, 2 w/ ) hurt my score?
The 2 cards with $ balance: 1.) $ 2100 available and only pay roughly $ 8.00/month for fraud detection 2.) $ 1500 available and pay around $ 10.00/month for a payment protectionThe other card has the $ 1300 balace but has a 1 yr interest rate that I plan on paying off during that time. I currently have around $ 6000 cash in combination of checking, savings, and a CD. The clincher is the 2 cards that have the $ balace I have had for over 5 years. I do not realize a lot correct today and am merely essaying to budget better without harming my credit score.The first card does have a way higher interest rate. The second one has a rewards program, but not the first one. The card transporting the $ 1300 is a 1% interest rate for 1 year. Is it genuinely not a large deal to take the payment/fraud protection. I do a lot of travelling and am e’er conservative with protecting my cards.

Best answer:

Answer by A.J.
Your credit score will take a hit. If the cards have a zero balance. What is the NEED to close those accounts?

Add your own answer in the comments!

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August 26, 2011

Would you credit it: credit card fraud is still rampant

Filed under: Credit Card Fraud Protection — Tags: card, credit, Fraud, rampant, still, Would — @ 10:19 pm

Would you credit it: credit card fraud is still rampant

The dawn of the digital era has made everyone’s lives a whole lot easier. No longer do consumers have to wait in line at the bank on their lunch hour, brave the High Street crowds on a Saturday afternoon or live their lives by retailers’ opening hours.

The internet has enabled round-the-timing banking, shopping, learning, entertainment…you name it. Power is nowadays firmly in the hands of the people.

But this shift from physical to virtual has also made the lives of criminals easier too. Credit card fraud is as rampant as ever.

In 2009 alone, the fraudulent use of imputed cards amounted to almost fifty million pounds. It’s join to say that Chip and Pin has gone some way towards reducing fraud in over-the-counter transactions, but this has led to a greater shift towards what’s known as cardholder-not-present (CNP) fraud.

CNP fraud accounted for almost two-thirds of all credit card fraud in 2009. Stolen credit cards are one of the major causes of credit card fraud, and it’s difficult to combat given that neither the card nor the cyber-criminal are present at the point-of-sale. And this means a lot of financial damage can be done in just a few swift transactions – before the victim even realises their card is missing.

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However, it’s not just stolen cards that are the problem. In recent times, former techniques such as card trapping, where the criminal attaches a device to an ATM which withholds the teased have became more popular. Using this method, the fraudster can obtain the user’s PIN number and subsequently go on a spending spree before anyone’s any the wiser.

Whilst it certainly pays to take a great deal of care with any card payments, there’s always a chance that you’ll get caught out when you least expect it. And given that you may not know until it’s too late, card protection really begins to seem like a good idea. An advantage of taking this kind of protection out is that it will also cover you for lost or stolen cards, putting your mind at ease in either of those situations too.

So credit card fraud is inactive very much alive and kicking. But there are step you tin take to reduce the chances of falling victim to fraudulent activity – and with card protection, you’re well covered if things do go wrong.

The author of this article is a part of a digital blogging team who work with brands like CPP. The content contained in this article is for information purposes only and should not be used to make any financial decisions.

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