Think of the old days when all you had to worry about were pickpockets in tourist districts in town. Now with credit cards, we have all types of ways that criminals can get something for nothing (all with a little ingenuity).
1) Chip and Pin Fraud can happen when the Chip and Pin Card readers are hacked into such that card information can be read and stored for the hacker to pull out later to use.
2) TJK Companies. Although this swindle happened back in 2007, it still stands at the top for credit card fraud that occurred at a corporate level. Hackers broke into and stole information from 4.7 million credit cards from customers who had shopped at TJ Maxx, the outlet store. This information included transactions that dated back five years. Thankfully, the UK’s replacement of traditional credit cards with magnetic strips to credit cards with chips-and-pins meant that many of the cards for which the information had been stolen had already been replaced. Credit cards were safe once again.
3) Credit Card Skimming happens normally at restaurants, bars, or anywhere else where the credit card purchase is processed away from the credit card holder. Always keep an eye on where your credit card is at all times.
4) Card Protection Offers by the Credit Card Company
5) Card Not Present Scam is when a credit card thief makes an unauthorized purchase using the credit card information. This so easy to do over the phone or over the Internet because the merchant has such a hard way of verifying that the person on the phone is who he or she says they are. One way merchants limit this from happening is that they limit shipping purchases out only to customer preapproved addresses.
6) Credit Card Fraud Notification Scam. This happens when somebody calls you claiming to be from a well known credit card company. They might ask you for additional information, all in the process of clearing your card. If somebody calls you, claiming to be from your credit card company, do not give them any information over the phone. Call the credit card company using the number of the back of the card to see if they recently tried to contact you.
7) Call Tag Scam. These is how credit card thieves order stuff online but still get it to themselves eventually. Instead of providing an address that would be too easy to trace, they will arrange to have the shipped items “shipped back” to them. The person scammed in this case usually does not realize that they helped their thief receive their goods until they see an unauthorized charge when they later review their bill.
BIN Attack. With this type of fraud, a credit card thief uses one credit card number to guess other credit card numbers. The reason why this is plausible is that credit card companies often issue credit cards with a systematic numbering system (i.e. not random). Often, the expiration dates are the same as well.
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