ATM CARD FRAUD

#ATM CARD FRAUD

Credit or Debit card fraud is a type of theft in which small device is used to steal credit card information while doing legitimate card transaction.
Credit or Debit card is the convenient way of buy or purchase anything.Its plastic card contains bank details for further authorised usage.But some of the fraud techniques may skimmers use to get money from if.

Credit or Debit card contains to ways for paying money. through CHIP CARD and MAGNETIC STRIP.
CHIP card is the secured way for making purchase instead of Magnetic strip swipe.Reason behind this is that CHIP card is semiconductor device contains the users information in encrypted format which is not easy for skimmers to make copy of it.
Whereas its easy to make clone copy of MAGNETIC STRIP within a minute just by using simple handy device and doing quick swipe without knowing the card holder.
The magnetic strip swiper something look like this

FRAUD SCENARIO:

When we go for shopping and at the time of making payment we use out Credit or Debit card to make payment.Card skimmers may put bogus card swipe machine over the real swipe machine just for copying the card information and also doing card payment at the same time.So,that user unable to detect fraud.
Or even when you give your Credit or Debit card for payment,skimmer try to engage you in conversation with him and suddenly he can use another small handy swipe device to get swipe and get card information.This handy device look like above image mentioned.
And at last for to knowing your secrete ATM PIN ,there is a small camera above or on side of POS machine where you swipe your Credit or Debit card.

Now knowing your card details skimmer can make clone of your Credit card using magnetic strip.And also he knows your ATM PIN which he got from that CAMERA recording which is arranged above the POS machine.
Clone of MAGNETIC STRIP takes hardly one minute.And doing transaction using magnetic strip in ATM machine,ATM machine unable to detect whether it is real or fake(Clone).
And money will gone from bank!!!!!!!!!!!!

WHY CHIP CARD???

Chip card is also called as EMV chip technology.Which is semiconductor device consist of  embedded microprocessor chip.It stored and protect cardholder information in encrypted form.While doing every payment using EMV chip card it generated authentication key which authenticate with bank server.This authentication key changes during every payment.So.it is quite secure from skimmers or carders to make duplicate copy of it.



EMV chip is shown in above picture.It is the secured way of making payment without using magnetic strip swipe.

WHY NOT MAGNETIC STRIP???

As the EMV chip card generated unique authentication code different for every transaction.
But,doing transaction using magnetic strip generates authentication code which is same every time,so its become easy for hackers of skimmers to use that code while doing clone and making transaction using MAGNETIC STRIP.

                                                    
Magnetic strip is of having 3 way or 2 way depending on the bank  who provide Credit or Debit card.

WHY CVV CODE???

CVV is the 3 or 4 digit number code printed on back side of Credit or Debit card.CVV is stands for 
CARD VERIFICATION VALUE or also called as CARD VERIFICATION CODE (CVC) or SECURITY CODE (CSC).
The purpose of CVV number is that establishing card holder identity and  minimizing risk of fraud.
When we purchase online or doing online transaction we need CVV code to verify our identity.While we are not physically present during online purchase(e.g. www.amazon.com),online store require to verify identity of card holder which is done by using CVV number.
Using CVV is just one step ahead of Credit card fraud but its not always true.If your Credit or Debir card is physically steal then your CVV will disclosed to skimmers or hackers.

ACTUAL  SCENARIO OF CARD FRAUD!!!BELOW VIDEO:

This following video demonstrate actual fraud scenario and how to protect from it.What security fundamentals we must have to follow before doing any payment using Credit or Debit card. Watch that video complete...

SECURITY TIPS:

  • Never share Credit or Debit card details to anyone else.
  • Bank never call you for asking to verify your ATM card number and CVV code.
  • Do not disclosed CVV code to anyone else.
  • Always check POS machine and ATM machine before swiping your card,should be fake skimming machine be their.
  • Do not enter your Credit card details on any website other than banking or trusted online store like Amazon or Flipkart.
  • Always try to make payment using CHIP card instead by using magnetic strip swipe.
  • Keep your respective BANK CUSTOMER CARE number ,in case you loose your Credit or Debit card somewhere else.
  • After loosing Credit card inform respective bank immediately.
 Hope this will well very informative for you to become safe and secured from Credit of Debit card fraud.

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