Credit Card & Debit Card Frauds

Cards such as Credit and Debit cards are by far the most common non-cash payment method used by consumers today. These cards are used for in-store purchases, to withdraw cash from an Automatic Teller Machine (ATM), or to make purchases over the phone or Internet.

Newer payment systems such as chip and pin have assisted in improving customer efficiency and reducing some types of card fraud such as skimming, however it's also important to consider what further opportunities are created by the technology for fraud offenders, who are constantly seeking better ways to exploit weaknesses in the system.

Online Frauds

Online frauds are most commonly carried out by the theft of genuine card details that are then used to make purchases over the Internet, by phone or mail order. The genuine cardholder may not be aware of this fraud until he or she receives a transaction SMS for the amount debited or check their statement.

Offline Frauds

Offline frauds or Counterfeit card fraud is the use of altered or illegally reproduced cards including the replication/alteration of the magnetic stripe and changes to the details on the face of the card with intent to defraud. Most of this fraud involves a technique called skimming.


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