Presentaion on Credit Card frauds. These prsentation covers legal as well as general aspect related to credit card frauds.

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2. CREDIT CARD FRAUDS
Lost or Stolen Card – 48%
Identity Theft – 15%
Skimming – 14%
Counterfeit Card – 12%
Phishing – 6%
Other – 5%
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Stolen
Identity Theft
Skimming
Counterfeit
Phishing
Other
Stolen Identity Theft Skimming Counterfeit Phishing Other

3. STOLEN CARDS
• When a credit card is lost or stolen, it may be used for illegal
purchases until the holder notifies the issuing bank and the bank
puts a block on the account.
• It is possible for a thief to make unauthorized purchases on a card
before the card is canceled.
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4. ID THEFT
• Application fraud
Application fraud takes place when a person uses stolen or fake
documents to open an account in another person's name. Criminals
may steal documents such as utility bills and bank statements to build
up useful personal information. Alternatively, they may create fake
documents. With this information, they could open a credit card
account or loan account in the victim's name, and then fully draw it.
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5. ID THEFT
• ACCOUNT TAKEOVER
An account takeover occurs when criminals pose as a genuine customer,
gain control of an account and then makes unauthorized transactions.
A fraudster uses parts of the victim’s identity such as an email address to
gain access to financial accounts. This individual then intercepts
communication about the account to keep the victim blind to any threats.
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6. ID THIEVES HARM VICTIMS BY-
Using their names and other personal information to open new credit
accounts.
Accessing existing credit and bank accounts to make unauthorized
purchases.
Victims of ID theft are not held liable for losses, but it takes time and
effort for victims to prove fraud and clean up the chaos.
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7. SKIMMING
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When any person make illegal
copies of credit or debit cards using a
“skimmer” device that captures credit
card numbers and other account information.
The stolen credit information is used to make
purchases by phone and internet, or
to make counterfeit cards.

8. PHISHING
• Phishing is a financial crime that starts with
massive numbers of deceptive spam e-mails.
• These e-mails look like they come from your
bank.
• But they are just a trick to get account numbers
and passwords.
• Refer section 66 of Information Technology
Act 2000.
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9.  PROTECT YOUR ACCOUNT NUMBERS
• Never write your credit card number on post cards or on the outside of
envelopes.
• Never provide your card number on the phone, unless you know it’s a
legitimate, reputable business.
• Never give your account number to anyone who calls you on the phone
or sends you an e-mail.
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PRECAUTIONARY MEASURES TO AVOID
CREDIT CARD FRAUDS

10.  INTERNET SAFEGUARDS
• Avoid providing your credit card number to websites offering “free
access”.
• Install a firewall in your computer to prevent unauthorized access from
hackers.
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 WATCH YOUR CREDIT CARD
• Watch closely when store or restaurant employees handle your
card to make sure they are not copying or “Skimming” your
credit card number.
• After you make a purchase and your card is handed back to you,
make sure the card is yours.

11.  PROTECT YOUR WALLET OR PURSE
• Keep a close eye on your belongings.
• Never carry all your credit cards.
• Bring only the 1 or 2 cards you might need.
• Carry your credit cards separate from your wallet.
• If your wallet or purse is lost or stolen, call your credit card issuers
immediately.
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12.  BILLING STATEMENTS
• Review credit card statements closely on the day they arrive.
• Report any questionable charges to your card issuer immediately.
• A missing credit card statement may indicate stolen mail.
Contact your card issuer right away if your bill doesn’t arrive around the
usual date.
• If you have a computer, consider signing up for online account access.
This way you can track your account activity between statements.
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13.  IN CASE YOUR CARD IS LOST OR STOLEN
Record all your account numbers and company contact
information and keep the record in a secure place.
That way you can easily find whom to call to report the loss.
Never write down your personal identification number (PIN).
Never give your PIN to anyone.
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14. REPORTING CREDIT CARD FRAUD
To report credit card fraud
 Inform your bank about the unauthorized transaction as soon as possible, maximum
within 3 days of occurrence. You can inform by contacting them via Toll Free number,
customer care number, phone banking, SMS, email, or by visiting any closest branch of
the same bank
Banks’ loss and fraud reporting system will immediately acknowledge your complaint
and share a registered complaint number for your reference to keep a track of further
developments.
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Source – Livemint.com

16. THANK YOU
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