Fraudsters don’t look at the anyone keeping a soft corner in their
heart. They directly keep an eye on the merchant’s pocket and want a product for
free. Merchant has to be proactive and look after their account and an eye on
the tracking of the product. So that the customer never comes on their head and
ask for the claim.
Cause of Frauds & Their Identification
Online fraud is possibly different from the fraud that occurs in
traditional businesses as you are uncertain that the person, you’re selling to
is a real customer or fraud.
An e-commerce credit card fraud occurs when the information is
held loose from the side of a cardholder or someone steals the data of the
card. By building up an enormous amount of information online there is a great
risk of data breach and hacking. So, whenever a fraudster tries to steal card
information, he attempts to do that from a vulnerable or less informative
person there is.
Fraudsters find one or the other way to rip you off your money.
Types of Credit Card Frauds:
•CNP (Card Not Present) Fraud: If someone
knows the expiry date and account number of your card, they can commit CNP
fraud against you. This can be done through a phone, email or the Internet. It
essentially means that somebody uses your card without having physical
possession of it.
•Overpayments: This is
also called as stolen card fraud. The fraudsters present themselves as
requiring the services from a third-party. Then he offers to pay the seller the
cost, extra sum and often, an additional convenience for accommodating the
request.
•Multiple Imprints: When a single transaction is recorded multiple times on credit card imprint machines.
•Collusive Merchants: When a
merchant’s employee works with the fraudster to defraud banks.
•Account Takeover: When a
credit cardholder innocently and unwittingly gives personal information (such
as a home address, mother’s maiden name, etc.) to a potential fraudster, who
contacts the cardholder’s bank, reports a lost card on behalf of the cardholder
and obtains a new card in the victim’s name.
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