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Debit Card and Credit Card Frauds

With the rise in the volume of funds transmitted via electronic channels, the sector is facing new challenges as unscrupulous elements have started devising ingenious methods such as where we CYBER LAW SOLUTION provide solutions for these problems
1. ONLINE FRAUD: Online frauds are most commonly carried out by the theft of genuine card details that are then used to make purchases over the Internet, by phone or mail order.

2. SKIMMING: With the copied magnetic information, the defrauder can reproduce a duplicate card (on any plastic card) to be used later to withdraw cash.

3. SWAPPING: When a customer visits a merchant establishment, a restaurant or a petrol station and uses his/her debit card/credit card for transaction, the attendant (fraudster) notes down the ATM PIN when it is keyed in by the customer. Later, while returning the card to the customer, the attendant swaps the customer’s card with a dummy card that is identical to the customer’s card. Since the customer is unaware of the swapping, he secures the dummy card whereas the fraudster gets both the card and the PIN, which he uses to withdraw cash till the card is blocked by the customer.

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