How Credit Card Frauds work

How Credit Card Frauds work

We have already seen how credit card frauds works, but still most of the people don’t know this. So, here we are going to explain you how fraud works, what actually credit card frauds are and why it happens.

What is credit card fraud?

Let us see how credit card frauds work. When you are buying something online, you need to provide your card number and the amount you want to buy. And if you forget to give your card details while buying, then that person will be able to use your details and steal money from your account. There are different types of credit card frauds that make this happen.

Types of credit card fraud:

· Fake website 1

Most of the websites have their own log in system, but fraudsters have created fake websites that look similar to the authentic site. And they make people enter their card details on the fake website. Once you provide your card details on the fake website, then it sends an automated message to your real card company and ask you to reissue the card. If you don’t understand what you are getting into, then you can contact the customer service of your credit card company and cancel the card.

· Fake website 2

Here is the second type of credit card fraud, when the websites are designed and developed by the fraudsters. These websites are very similar to the authentic site, but the difference is that the fraudster provides all the necessary information, but there is no actual payment gateway. Instead of that, the fraudulent websites redirect users to the real payment gateway and this will provide a fake page, where the fraudster makes people sign up for a new credit card. After the sign up, the fraudsters will receive the credit card details through email, which are required for further fraud.

· Data theft

This is the third type of credit card fraud. This involves stealing data from a database. The fraudsters will search the database for the required details and then they will collect the card details through email and other methods.

· Phishing

This is the fourth type of credit card fraud. Here fraudsters create fake websites that look similar to the authentic website. The fraudsters will send emails and make you open an attachment, which contain a link to a phishing website.

· Email hacking

If you don’t want to click the link in the email, then you need to open the email, and click on the attachment, it will send you to a malware infected site.

· Phishing

In this type of credit card fraud, the fraudsters make fake websites that look very similar to the authentic website, but these fake sites have malicious code that can infect the device. Once you click on these fake websites, then you will get redirected to a phishing website.

Also read this Applying for a Credit Card – Is It Worth It?

Conclusion:

Now you know how credit card frauds works, and now you know what fraud is. Now you know how fraudsters make money and how they steal money from your account, so I hope you would stop falling victims of fraud and save your money from being stolen