CREDIT CARD FRAUD

MASSIVE PROBLEM
Credit card fraud has been a massive problem since the credit card was first introduced in the 1950's.

Prior to the internet, the main method in which this type of theft was committed had been by taking and using the physical card.

Today, this type of robbery has grown to become a lot more complex.

Structured hacking groups strike websites exclusively to steal individual and credit card data.
Illegal websites which are hosted in foreign countries, are used to sell this data to the highest bidder all over the world. These activities generate huge profits for anyone carrying out theft and huge headaches for those that have their data stolen.


Credit card and I.D. fraud has turned into a billion dollar per year dilemma that law enforcement, credit card companies, and consumer groups cannot manage to get a handle on.
It is extremely common for people to have experienced this type of fraud, typically multiple times in their life. Theft can result in loss to finances, decrease in good credit score numbers, and stress from getting through this difficult predicament. Fraudulent charges are usually taken care of by credit card issuers fairly quickly, but consumers always wind up paying for them in the end with higher fees.


How can Fraudsters Get Your Credit Card Details?

One way that credit card thieves can get private information is via a process called phishing. Fraudsters and identity thieves send millions of junk emails under the guise they are from a financial institution or credit card company. The emails make a consumer believe that their is “trouble with their account”. They are then prompted to enter their C.C. number, pin, and/or social security number. Sometimes a link in these phishing emails will redirect users to a site that replicates the exact look of their bank or Credit Card Company. The purpose of these “fake” sites is only to gather usernames and passwords. If you think maybe that you have accidentally entered your username and password into a website that is not genuine, you should contact the fraud department immediately .It is usually very confusing when banks and credit card companies send out genuine emails.

Just how can you tell the difference between a “phishing” site and the real site? One way that you can tell a fake site, is to check the root of the domain.
• For example, the genuine website for American Express is www.americanexpress.com. A phishing site attempting to steal your details might appear to be this: americanexpress.xyz.com.
• Notice how the root domain for the fraudulent website is “xyz.com”, not “americanexpress.com”.

One more indication that you are on the genuine site, is that the url should start with “https://, not http://”. HTTPS (Hyper Text Transfer Protocol Secure) signifies that the site has a security seal. Phishing sites will most likely not have a legitimate security seal. Most browsers will also show a “green lock” to the left of the url, showing that you are on a secure site.

Another way that hackers could possibly get passwords and credit card data is via computer viruses. Viruses known as “keyloggers” track the keystrokes entered into infected computers. If your computer is corrupted from this type of computer virus, passwords and credit card details are recorded and transmitted to some perpetrators via the internet. To stop keyloggers or other types of malware from infecting a computer, it is important to regularly run anti-virus software. The one most recommended is http://www.malwarebytes.com/. You should also try to avoid contamination by not downloading (or executing) email attachments from unknown senders.

How to Spot Scams or Theft
If fraud is caught in its early stages, major problems and damage can mostly be avoided. Keeping track of bank and credit card statements carefully will help you find any fraudulent charges that you did not make. If you notice payments you do not recognize, contact your company’s fraud department immediately.


Another important thing you must do is maintain close track of your credit history. You can monitor this history by obtaining a credit history annually from AnnualCreditReport.com. This website is run by the 3 main credit bureaus (Equifax, Transunion, Experian) in order to comply with the Fair Credit Reporting Act. This act enables all consumers to have access to their credit information and facts totally free, once each year. By going to this website, you can check your reports at all 3 bureaus and ensure no fraudulent accounts have been opened under your name. Checking this information at least each year is advised to look for fraud.