Joseph Kenny asked:




Globally credit card fraud costs card issuers billions of dollars a year in fraudulent use of their cards. Some of this loss is passed back to retailers who failed to comply with the normal processing method for the card. Another part of the loss is insured. Nonetheless, as a cardholder you are potentially liable for any fraudulent use of your credit card. It is, therefore, imperative that you make yourself aware of what the current fraud scams are and how you can help to in the battle of credit card fraud prevention.

To this end, the following are some fraud prevention methods you can adopt:

* when using your card, never card out of your sight

* if you use the card in an old carbon-copy paper machine, keep the carbon-copy and destroy it later

* never use your credit card on an unsecured website

* never use your credit card to withdraw money in an ATM

Aside from the above, ensuring that you use certain technological advances with your credit card should also help in any credit card fraud prevention. In this regard, the following are currently popular with card issuers:

* identification photos: where your picture is shown on the front of the card

* fingerprinting: where a facsimile of your fingerprint is shown on the reverse of your card;

* chip and Pin systems: where the card has an encrypted chip containing details about the card and a PIN that ensures the card is a genuine issue. Essentially the chip contains the same information that used to be contained in the magnetic strip on the reverse of the card, but in chip format it is believed to be harder to copy.

Although each of these systems is no foolproof credit card fraud prevention method, with credit card fraud costing more and more each year, you can bet that issuers are going to be tackling this issue head-on: so stay aware of the latest credit card fraud preventions methods and help combat this growing problem.

Lloyd

Kenson Cheok asked:




Credit card frauds are very common these days. We must take full precaution to prevent any kind of fraud that might happen. This post consolidates some of the prevention tips which found from Internet and present it in more organized and easy to understand format.

Receiving New/Renewed Cards

Always check that the card is in your name, and that the sealed package is not compromised. Destroy your old/expired/unusable card, ensuring that the chip and magnetic stripe portion is completely damaged. Sign on the signature panel using permanent ink pen.
Safeguarding your PIN

When receive your PIN, ensure the sealed envelope has not been opened. Go to the nearest Branch/ATM to change your PIN immediately. Change your PIN regularly for precaution. You must not disclose the PIN to any person, including any employee of the Bank.
Safeguarding your Card

Never leave your credit card in an unsecured place, lying around at home or in the office. Never sign a blank receipt. Do not lend your card to anyone. Your card is not transferable.
Using your Card at Retail Outlets
Keep your card secured and ensure that it is in your possession at all times. Check and ensure that the card you received after a transaction at a merchant is yours. Void incorrect charge slips before you sign a new one. Make sure your credit card is returned to you promptly after a purchase.
Online Usage

Give your card details only on reliable websites and is from a company you trust. Register for 3D SSL(Verified By Visa or Master SecureCode) for extra security when you shop online. Manage your password carefully. Do not send credit card details via e-mail. Make sure the payment page is secured with SSL (the domain start with https://) Avoid using a public computer to shop online. Always print and save the confirmation page when completing an online purchase. Record or keep your receipts for all your online purchases. Never respond to e-mails that request for your credit card information. Be cautious about phishing e-mails . Never click on Internet links within e-mails. Instead, type the known URL.
Managing & Filing your Statement

Secure your letter mailbox, report to bank if not receive your card statement on time. Shred all documents(charge slip, statement) before discard them. Promptly check your credit card statement and report any suspicious transaction. Opt for e-statement if available.
If Card is Lost/Stolen

Keep the bank phone numbers readily available with you. Report to your Bank immediately if your card is lost or stolen. Always check your credit cards to ensure that the cards are not missing from your wallet.
Beware of Scam

Be wary of high-pressure sales tactics such as “SCRATCH & WIN” where they ask for your card details. Don’t provide your credit card information to anyone calling you. Bank don’t ask for your card information if they called you.

Get more information by visit to our official site.
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Bryan

Leanne Williams asked:




Finding a fraudulent transaction on a credit card statement can be an extremely distressing experience for a card holder. However, credit card fraud has two victims – the person whose card details have been stolen and the merchant whom the fraudulent transaction was made with. When people think of this crime the second of these is often overlooked but fraud can also be stressful for the retailer, particularly in the case of small businesses, as ultimately they are the ones who will lose money. It is therefore essential, if you own or are thinking of setting up an online business, to ensure that you have strict measures in place to prevent credit card fraud.

If a cardholder disputes the validity of a transaction the retailer must comply with the retrieval request from the bank – within the specified timeframe – and provide proof that it is a genuine charge. If they do not, or are unable, to do this a chargeback will be issued against them and the funds will be taken from their account and transferred back to the cardholder. This is much easier for off line merchants, as a swiped receipt will provide proof that the cardholder was present for a transaction. With the demise of signing receipts and the advent of chip and PIN, many disputed charges turn out to have been queried in error as it is now very difficult for fraudsters to commit their crime. Retailers who rely solely on cardholder not present transactions, such as those trading online, do not have this advantage but there are precautions that can be taken.

First of all, it is advisable to request the cardholder’s CVC2 (Mastercard) or CVV2 (Visa) number when taking an order. This is the three digit code printed on the signature panel on the reverse of the card. If a fraudster has obtained someone’s card number, for instance from carelessly discarded documents, this will prevent them from carrying out a fraudulent transaction with your company, as to provide this three digit code the card would have to be in their possession.

If the card has been stolen a fraudster will, of course, be able to provide both the card number and the CVC2/CVV2 number. A responsible merchant should take this into account and take advantage of AVS (the Address Verication System). This system allows the merchant to find out if the delivery address matches the billing address. A genuine customer will not always want the goods delivered to their home address, but it is always advisable that, for their first transaction at least, your company sticks to a policy of delivering only to the billing address to help prevent fraud. This policy can be relaxed for return customers, as if the initial order did not present any problems you can reasonably sure of dealing with the genuine cardholder in further none face to face transactions.

For some merchants, the cons of restricting the delivery address to being the same as the billing address will outweigh the pros. If this is the case for your business there are further measures to take into consideration. For instance, exercise caution if the AVS check shows a domestic address, but the delivery address is foreign. This should especially be taken into consideration if the delivery address is in a ‘problematic’ country, such as Nigeria or Indonesia, where credit card fraud is quite prevalent. Not all orders made in these countries will be fraudulent but use your discretion and if you think it is necessary ask for additional identification from the customer. Do not be tempted to turn a blind eye and process the order anyway. Ultimately, this can result in a chargeback and you will have to pay back money that you may already have allocated for other business purposes.

In looking out for suspicious transactions also be vigilant for orders that could be deemed ‘unusual’ such as surprising bulk buys. It may also be worth requesting that customers provide a business or company email address, rather than a free one (such as Yahoo, Hotmail, etc) which anyone can set up. These things alone will not identify a fraudulent transaction but they can be considered additional ‘red flags’ if you have other causes for suspicion.

Technology is advancing all the time, and you should always stay aware of new or up and coming developments that could further help your company prevent fraud. In the meantime, the measures above will not completely wipe out online fraud, but you can greatly reduce the number of fraudulent transactions made on your website and the number of chargebacks made against you.

Ruth