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Credit Card Fraud: Transactions
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Whether in the physical or virtual environment, every credit card or check transaction is a calculated risk between the potential for revenue and the potential for fraud. With the high cost of customer acquisition and the potential high lifetime profitability of a valued customer, it is important to be cautious when setting stringent fraud rules and selecting e-commerce products.
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LONDON, May 21/PRNewswire/ -- securePay, a new transaction security system to foil internet, mail and telephone card fraud, is announced today by the Telsecure Group. The launch by Telsecure, a UK-based provider of leading-edge technology, is being made in association with partners, Sybase365 and Ingenico.
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Visa's "zero liability policy" covers all Visa credit and debit card transactions processed over the Visa network. The only transactions not covered under the policy are ATM and point-of-sale transactions in which you use your personal identification number and transactions that are not carried over Visa's networks. (Cards bearing a MasterCard logo ... have zero liability coverage similar to Visa's. Visit the MasterCard web site at www.mastercard.com for more information.)
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A credit card fraud is a transaction that is completed with your credit card by someone else. Often a fraudulent transaction is made hours after the credit card or card number is stolen or lost; often before the cardholder gets the chance to report the card as missing or stolen.
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The key to preventing credit card fraud, as well as other forms of fraud like identity theft, revolves around keeping a vigilant eye on not only your personal information but ... your individual transactions. Get acquainted with the companies with whom you do business and keep a look out for privacy policies.
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In the past, carders used computer programs called "generators" to produce a sequence of credit card numbers, and then test them to see which were valid accounts. Another variation would be to take false card numbers to a location that does not immediately process card numbers, such as a trade show or special event. However, this process is no longer viable due to widespread requirement by internet credit card processing systems for additional data such as the billing address, the 3 to 4 digit Card Security Code and/or the card's expiry date, as well as the more prevalent use of wireless card scanners that can process transactions right away.[3] Nowadays, carding is more typically used to verify credit card data obtained directly from the victims by Skimming or Phishing.
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