Card Fraud

1. Overview

Card fraud encompasses techniques used to steal payment data (card number, expiry date, CVV) and then carry out unauthorized transactions or clone cards.

2. How the Scam Works

1. Data Collection
   • Skimming, fraudulent payment sites, phishing, malware.
2. Exploitation
   • Online purchases, cash withdrawals, or reselling data on the dark web.
3. Escalation
   • Multiple rapid transactions or small test charges before larger purchases.

3. Key Red Flags

• Unusual or foreign transactions.
• Unexpected payment notifications.
• Payment declined then suddenly accepted after multiple attempts.

4. Prevention

• Use 3D Secure payment systems and tokenization.
• Never enter card details on unsecured (non-HTTPS) sites.
• Regularly monitor bank statements.
• Keep systems and anti-malware software up to date.

5. Response Steps

• Immediately contact the bank to block the card.
• Dispute fraudulent transactions and request a replacement card.
• Report the fraud to the relevant authorities.

6. Summary

Card fraud exploits stolen payment data. Technical protections and transactional vigilance are essential.