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High Risk Credit Card Fraud

Fraud or theft that is done using credit-card or related payment mechanisms is termed as ‘Credit card fraud’.  The main reason behind this is to gain goods and other things without paying or obtaining unauthorized finances from others account.

A fraudster starts by robbing a person of his physical card along with account figures that would be available during a legitimate transaction.

For instance, consider a clerk who copies sales receipts in order to use them later. After rapid growth of online credit-card usage, security has had many lapses which robbed people of their money.

Cardholders after the loss of their card can report quickly. But financial credit can be amassed by thieves for months or weeks prior any other uses thereby making it impossible to recognize compromised source. Cardholders are notified regarding this fraudulent use only after they receive their billing statements.

In case your credit-card is stolen or lost; it remains functional until the holder informs issuer that his/her card is stolen or lost. Several insurers possess free twenty-four hour phone numbers in order to promote reporting promptly. Until then, it is possible for a thief to perform unauthorized procurements until cancellation of that card.                  

If security steps are not taken, then you could be robbed of millions of dollars before you recognize that your card is compromised. The general security evaluation on all these cards is just the signature panel. Nowadays, this step is not of any value because forging of signatures can be done easily.

Several countermeasures are provided by card issuers like: advanced software which can recognize authorization of transaction and estimation of the chances of fraud. Card account details are stored in several formats. Account figures are normally imprinted or embossed on the credit-card. Most commonly asked card account details is as listed here:

         Cardholders name

         Account number

         Expiry date

         CVV/Verification code

Internet and mail are main routes for theft against dealers who ship and sell products which forces legitimate internet merchants and mail-order. For instance it must be noted that the most common method through which the fraudsters get details of dealers is by ordering via telephone. Small dealings normally undergo less inspection. An even merchant association has formulated few preventive measures like card numbers must be entered singly, but these measures could not gain success.    

Identity theft is broadly classified in two. They are:

        Application fraud: occurs when fraudster opens account in other’s name after stealing other’s documents. Bank statements and utility bills are stolen in order to build useful personal details.

        Account takeover: This occurs when fraudster takes full authority over other person’s account firstly by bringing together details about intended victim and then calling the card issuer and asking him/her to send a mail to his new mailing address.

Skimming: is robbery of credit-card details which is utilized in legitimate transaction.

Online merchants select additional facilities that credit-card corporations offer like: “MasterCard Security Code” and “Verified by Visa”. The liability of any theft or fraud cases lies in the hands of merchant and not the credit-card Corporation.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.