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welcome to our wall :)
here you will learn and collect some useful, precious information about Debit and credit card fraud. Also the post, images and video in this wall will provide you good knowledge on
How does it occur?
How to prevent such fraud?
What to do in case of such incident?

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Magnetic strips in the credit cards and debit cards have all the important and confidential data and information of the cardholder. the magnetic chips in the cards are encrypted and thus has the confidential data protected due to entering of chip code by the cardholder. but the magnetic strip simple requires the user to swipe and that leads to lot of problems. the fraudsters fit some skimming devices into the debit/credit machine. while swiping the card, the skimming devices copies all the non encrypted information from the card such as 16 digits of the card and uses it somewhere else to buy stuff without the owner having a hint about the fraud.

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Credit Card Thieves Caught on Tape Using Skimmers

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Why Chip Credit Cards Are Still Not Safe From Fraud

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Credit card thieves can use a skimming device to swipe data through the cards' magnetic strips.

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Credit card fraud is one of the highest, fastest and easiest crime done today. As digitized we make the world, as easy it gets to Fraud. In this video, CBS reporter goes down on a interview with a Credit Card Fraudster who was caught by the secret agency doing Identity change crimes. He explains here how easy it was for him to get personal and confidential information from just going online. He actually showed the profile where Fraudsters created a business platform to buys and sells credit/debit cards. now he works for the secretive agency and helps them catch hold such thieves.

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Canada is the number one country when it comes to usage of online banking and debit/credit transactions. Bank of Canada posted a video carrying very useful information on how the frauds are done and how can it be prevented. We can never identify the cyber criminals by looking at them which makes it more dangerous as they can be anywhere near us. So it is always better to be aware and careful with certain things in order to not be the next victim of such frauds.
1) Make sure you use a strong and uneasy to guess Personal Identification number.
2) Do not note it down, Memorize it.
3) Do not share it with anyone. keep it personal.
4) Always hide the keypad while typing pin number in order to be prevented from hidden cameras

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Canadians are among the highest users of debit cards in the world. While over 99 per cent of debit transactions each year are made without incident, we still need to protect ourselves. Debit card fraud costs millions of dollars every year. It's a threat that can hit anywhere.

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Video #4 IDEAL EXAMPLE TO DEAL WITH SUSPECTED CONSUMERS 

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Video #4 IDEAL EXAMPLE TO DEAL WITH SUSPECTED CONSUMERS 

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as said in the earlier post, the fraudsters are very commonly found in public and it is hard to get hold of them. In this video, there is a salesman dealing with a person who is using a fake credit card which might be stolen or duplicated. Duplicating Card has become simple nowadays by just knowing some information about the card such as 16 digit card number, CVV number and the expiration date. An Ideal Salesman or customer service person must be very careful while dealing with such suspicious customers. If the customer buys a lot of stuff that are expensive and is not concerned about the money he is spending or tries to buy unnecessary things, one must check the signature in the card and match it with the signature in the receipt.

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Youve probably heard of debit and credit card fraud. But have you heard how to beat it? Watch this video by the Bank of Canada and its partners to see how you can protect your credit and debit cards. Be sure to check out more videos on our channel.

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This is the official government of Canada's website posted by the department of Financial Consumer Agency of India. Credit Card fraud occurs when there is a purchase or transaction made form any bank account without permission. the possiblities of your debit/credit card information stolen can be by refering the receits from garbage or house and knowing the 16 digit card number, knowing the Personal Identification Number while you enter it in the keypad. Some illegimate websites asking you for your banking information and using it. installing small devices in the debit machine and getting all the personal information on the computer. This website also advises on how to stay safe from such frauds and what to do if you be the next victim.

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personal finance; banking; fraud; credit; crime; crime prevention; consumer protection

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Recognizing, preventing and reporting credit card fraud.

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WEBSITE #2 TECHNOLOGY HAS CHANGED THINGS 

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WEBSITE #2 TECHNOLOGY HAS CHANGED THINGS 

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US secret agency has found out some of the most common ways of how debit/credit information gets stolen and how it becomes a major fraud.
this 5 ways are easiest and most likely to happen to anyone who is using online banking and credit/debit card.
Scheme 1) THE RESTAURANT RUSE
one must be very careful about giving away the credit or debit card to the service  members or the waitress. the standard practice to take away credit card information the the restaurant is to swipe the card through the skimming device which collects all the general information about the card.
Scheme 2) DUPED AND DISTRACTED
Scheme 3) THE GAS LASS
Scheme 4) THE MALWARE MASTERS
Scheme 5) DATA AT A DISCOUNT
and also states what you can do about it before and after the scheme occur.

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Thieves need only a minute, sometimes just a second, to pilfer your credit card data.

"Back in the beginning, they got the imprint of credit cards from the carbon copies they dug out of the trash," says William Noonan, a U.S. Secret Service special agent formerly in charge of the agency's cyber operations branch. "Technology has changed things."

The massive data breach at Equifax in 2017, and the 2016 breach of ride-hailing service Uber, which did not come to light until November 2017, are examples of how criminals have hacked, phished and skimmed their way into data systems, compromising the credit card information of millions of consumers.

But not all credit card schemes are complicated; many are simpler than you'd imagine. Here are the most common ways thieves steal your credit card information.

Monitoring your credit report for suspicious activity is a good habit. Get your credit report for free at myBankrate.com.

1. Scheme: The restaurant ruse

How it works: A waitress whisks away your credit card and swipes it through the restaurant's credit card terminal, which is out of sight. She then pulls out a skimmer, a device about the size of an ice cube, and swipes your card through it.

While you were scraping the last of the chocolate frosting off your plate, your credit card information was being stolen. The waitress returns your card with a smile. She performs that same magic trick on dozens of credit cards in a week.

The waitress may also moonlight as a bartender or a retail sales clerk - any place where she can take your credit card out of sight.

2. Scheme: Duped and distracted

How it works: Sally, Simon and Bud walk into a toy store. Sally and Simon roam the aisles, while Bud waits in line to check out. When Bud is at the register, Simon comes running up to the clerk, screaming that his wife has fainted. As Sally and Simon distract the sales clerk, Bud switches the credit card reader at the register with a modified one of his own. The sales clerk unwittingly collects credit card data on the modified reader. Later, the trio returns, takes back the modified reader and restores the original card reader.

This trio likely will hit other retailers and restaurants. Sometimes, thieves work in pairs or alone.

3. Scheme: The gas lass

How it works: The gas lass parks her car at a gasoline station off the interstate. It's late and there's no one around except a sleepy attendant at the register inside. The gas lass attaches a skimmer over the credit card reader at the pump. It's a skimmer that emits a Bluetooth signal to a laptop close by, says Noonan of the Secret Service. The gas lass pays, then heads to a place nearby where she can set up her laptop to retrieve the data from the compromised pump.

The gas lass installs skimmers over ATMs, parking meters, vending machines - any place with unmanned credit card readers.

Related: Gas credit cards

4. Scheme: The malware masters

How it works: Harry installs malware, a type of software that damages or infiltrates a computer or network, onto a legitimate website with low security. The malware instantly downloads onto your computer when you visit the site and allows Harry to access your information.

In another scenario, Harry puts malware on public computers and gathers the information you share with those computers, says Mike Urban, FICO's former senior director of fraud product management.

Harry also infiltrates the computer systems of banks, retailers and other businesses, and steals personal account information, Noonan says.

Phil uses malware to go after your laptop or tablet. He sends emails with attachments that promise dancing kittens or some other bait. When the user opens the attachment, malware instantly downloads onto the computer and leaves confidential information vulnerable. Phil also sends emails from a "familiar" sender with a link to a contaminated website that installs malware onto your computer. Some malware, called spyware, allows Phil to capture every keystroke, including passwords to your financial accounts.

5. Scheme: Data at a discount

How it works: When credit card data ends up in criminal hands, it gets sold. The skimming waitress, the distraction trio and the gas lass sell your credit card data for as little as $10 to $20, according to Dell SecureWorks.

The person who buys the information verifies it and then sells it to someone who creates fraudulent credit cards with your account information attached to it. The card maker then sells it to other criminals who buy goods such as stereos or baby formula and sell them to regular consumers.

What you can do

Set up mobile banking alerts for your smartphone. That way, you can be notified of unusual credit card activity as soon as possible.

Regularly monitor your accounts online, so you can identify fraudulent transactions sooner.

Avoid public computers. Don't log on to your email if your bank corresponds with you there. Urban suggests setting up an email account just for your finances and checking it from safe locations.

Avoid doing business with unfamiliar online vendors, Noonan says. Stick to established merchants and websites.

If your information has been compromised, notify your financial institutions and local law enforcement. Ask the major credit bureaus - Experian, Equifax and TransUnion - to set up a fraud alert on your credit reports.

Check your credit report at myBankrate.

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5 Ways Credit Card Information Gets Stolen | Bankrate.com

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Thieves need only a minute, sometimes just a second, to pilfer your credit card data. "Back in the beginning, they got the imprint of credit cards from the carbon copies they dug out of the trash," says William Noonan, a U.S. Secret Service special agent formerly in charge of the agency's cyber operations branch.

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Canadian Bankers Association takes the frauds very seriously and focuses on how to make the cards more secured and safe for all the users. Visa, MasterCard and American Express have zero liability policies for unauthorized transactions.
this website provides information on how does a bank work to reduce online banking frauds and to eradicate debit/credit frauds.
Introduction of chip based technology card in Canada has reduced the number of frauds significantly. Chip based cards needs a Personal Identification number (PIN) that is a password type function in cards. Chip cards use a technology called “cryptography” that allows the card ensure the card is valid and the information stays safe and secured.

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Learn how to protect yourself from credit card fraud

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Examples of credit card fraud and tips to avoid becoming a victim.

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WEBSITE #HOW TO DETECT DEBIT/CREDIT FRAUD

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WEBSITE #HOW TO DETECT DEBIT/CREDIT FRAUD

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website provides us with general this information on how to detect online banking fraud and debit/credit fraud.
keeping up with the cards is the basic way to stay protected. always check the transactions daily and know the transfers made from your account. there is a Notification service provided by the bank which notifies you via message or mail about the transactions made. It immediately updates you when the money is withdrawn from your account and provides you with a helpline number to contact if you have not made that transaction contact them and let them know. the bank will then take the charge of the transaction and stop it from further payment. If frequent transactions are made from that account, the bank will enforce a Stop on the card thus thus the funds being safe in your account.

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Money is becoming more vulnerable to debit card fraud by criminals and hackers. There are nine easy ways to protect individual finances.

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This image states some general ways of how you can get skimmed and what measures you can take take to avoid such skimming.
some techniques of skimming process are :
the ATM machine being tampered.
Parts being jiggled.
the pin pad being thicker than normal.
security seal that has been voided

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this small but meaningful image depicts us a lesson of how our information maybe trapped and stolen by online hackers.
there are many online unofficial websites that ask you for your bank information and use it later to make transactions. One must be careful while sharing banking information online because there are possibility of frauds and skimming.