NEWS & ADVICE : CREDIT CARDS
Credit card fraud just got bigger and worse!
By Ankit Sharma
May 23, 2008
Print    Email    RSS   

However, certain banks, like HDFC, do not stop at mobile alerts. In additions to the alerts, the bank also provides an extra security layer for all credit and debit card customers. Through this facility, the cardholder can create his own additional password, which provides an additional security layer for all On-line transactions, said HDFC Bank credit card marketing head Parag Rao.

If you have just received a new credit card from the bank, but discover that it already has a charge attached on it, don’t be surprised. These days credit fraud happens even before a new card has been received from the bank. Credit card number generators are freely available online (on sites like http://www.brothersoft.com) which claim to generate card numbers of various companies starting from ‘5’ (Master Card) or ‘4’ (Visa) or other digits. It also generates 13, 16, 18 or 19 digit card numbers. These generators use the same algorithms like `Luhn formula’ used by government agencies and banks to generate numbers.

“In one case, a hacker managed to crack the algorithm of a bank’s credit card generator and sold hundreds of numbers online. So even before the fresh card came into customer’s hands, they already had a charge on them. In another case, a credit card hacker set up a site and started using stolen card numbers to provide downloadable images and managed to siphon off about $2 million,” adds Mr Khare.

However, the biggest wrath of the credit card fraud can be felt in the E-commerce portals, which have also become like trading havens for hackers. This is how it works: A hacker enters the stolen card number and CVV (card verification value) number, as mentioned on the reverse of the card, into an e-commerce site and buys a product. The payment is made but the buyer doesn’t take the delivery immediately. He gives the delivery date – of generally a week to 10 days. During this time, the hacker posts his costly buys (from the stolen card) on the portal for sale obviously for an even lower price. As the hacker gets a customer for his product, offered at a jaw dropping price, he gives the customer’s address as the delivery address, on the same or other portal.


Page    | 123 |  
(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
HDFC Bank sets up common phone banking no.
Kisan Credit Card: Allowing easy credit...
Credit Report: A Key Financial Indicator
An analysis of prepaid travel cards
Carnival of Indian Personal Finance Blogs #3


1879
i want to see my sbi gold & more card...
imwant to check civel record
Please give my the status civil report against my...
50101387219 this account balance
04301050004772 this account balance

NEWS THIS WEEK
Hike in E-banking complaints Aug 28, 2014
Exciting festive offers by the banks Aug 26, 2014
Customer can get ATM transaction details in local languages soon Aug 22, 2014
Easy shopping for Debit card users: ICICI bank Aug 20, 2014
Forex Plus Card for Haj and Umrah pilgrimages – HDFC bank Aug 19, 2014
News Archive