Notes

Axis Capital Group Business Funding Jakarta Review: Credit Card Fraud

Fraudsters are so advanced nowadays that they may be considered geniuses in their field, a true perception on what extent human beings can achieve in every nooks and crannies of today’s generation of advanced technology. Even those little cards that are considered one of the most important things in a person’s wallet can also be hacked.

Credit card frauds exist in every continent and are most rampant in developing nations. Because of the lack of policy implementation and lose punishment system by the authorities, scammers are hard to catch, sometimes, even doing their illegal practices in clear sight. These operations are known in the suburbs of Jakarta, Indonesia, Bangkok, Thailand and Cambodia; places which have the highest report of fraud for years.

Axis Capital Group Business Funding, a credit source for small business owners operating in America has listed some of the common types of credit card related fraud as a warning to individuals to be cautious:

1. Application Fraud

The thieves will first steal is victims’ pertinent information before applying for a new credit card. Although banks try to safeguard themselves from this sort of fraud by requiring original substantiating documents, telephoning employers and so on, criminals have been known to forge documents and even give false telephone numbers.

2. Manual or Electronic Credit Card Imprints

Data from a legitimate card is imprinted or the magnetic strip is skimmed. The information from the card is then later used for fraudulent transactions or for encoding fake cards.

3. Lost and stolen card fraud

This is perhaps the most common type and occurs when your card is physically stolen or lost and then used by a criminal, posing as you, to make unauthorized charges on your account.

4. Fake Cards

Producing fake cards takes a lot of time, effort and skill. There are many security features particularly difficult to reproduce, for example, holograms.

A fake card with fake numbers and a fake name is forged and used for transactions. The card is not linked to any real account and the credit card company is not liable to pay for the transactions as there is no user information.

5. Card-not-present Fraud (Fraudulent Use of Card Details)

This crime involves using fraudulently obtained card details to make a purchase, usually over the telephone or on the Internet. A card, in a physical form, is not needed. Usually the details are taken from discarded receipts or copied down without the cardholder’s knowledge. As with counterfeit fraud, the legitimate cardholder may not be aware of the fraud until a statement is received.