Credit Card Fraud | Skimming

Credit Card Fraud
With the growing popularity of the credit cards, the activities like credit card frauds are also increasing. The term denotes a number of activities ranging from illegal transfer of funds from someone else's account or making purchases by using credit cards of other people.

The term credit card fraud denotes a number of activities but in general it can be said that using anyone's credit card without his or her concern can be termed as credit card fraud. The incidents of credit card frauds are increasing worldwide. As a result, the credit card holders as well as the credit card companies are facing huge financial loss.

Criminals use a number of tactics in an attempt to defraud legitimate businesses. There are different types of credit card frauds. Some of these are the following:

Skimming - Counterfeiting involves making replicas of legitimate credit cards by copying or "skimming" the data contained in a card's magnetic stripe. Using this "skimmed" information, criminals manufacture phoney or counterfeit cards and use them for fraudulent purposes.
Online Credit Card Fraud - Credit card fraud bedevils web! Millions lost to Internet fraud.
Carding - There are various carding programs and documents which offers information and methods how to get credit cards, how to produce fake credit card numbers, how to duplicate valid credit cards and how to use them.
Account Takeover - There are two types of fraud within the identity theft category, application fraud and account takeover.

Basically the fraudulent persons are involved in getting hold of credit cards of others through different ways for the purpose of using the cards for their personal financial transactions. All transactions done through the stolen credit card are charged from the account of the original credit card holder.

Internet is another way, through which credit card frauds can be done. The frauds collect secret information like pin number and account number of a credit card holder by making tricky use of the Internet facility. These data are then used to make purchases through the Internet. They can also use the data for drawing money from the existing accounts of the original credit card holders.

The cardholder is advised to report to the credit card issuer immediately after the card is lost. This can minimize or even stop the misuse of the credit card. However, it is very difficult to track credit card fraud if it involves information loss. The cardholder comes to know about the fact only when the credit card company informs him about the transactions in the monthly statements. This type of credit card fraud causes major financial loss to the cardholder.

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