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

He receives cash from the final customer in an electronic cash account or an escrow account from where he converts it into hard cash. Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into safekeeping (e.g. a bank account) under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract.

Thus during the entire transaction the hacker can manage to cruise through without leaving a trace. Says IT risk and consulting firm Mahindra Special Services Group Captain, Raghu Raman, “Most hackers try and steal small amounts–just 2-3% of a monthly transaction to avoid getting caught. In large transactions, the banks usually call and ask the customer immediately to cross check whether a transaction was done by him. Hackers are also using card numbers to get a subscription or download a costly software which they in turn sell it online.” Thus, this makes it difficult to catch them also.

However, all is not lost for the credit card customers. There are certain precautions which one can adopt so as to be on the safe side. Net security experts have warned that web transactions with credit cards are no longer 100% safe. They suggest the use of credit cards only on sites which are ‘Https’ (Hypertext Transfer Protocol over Secure Socket Layer) and direct the transaction webpage to a payment gateway. Deleting cookies and browsing history from your computer after a transaction might also help prevent the cyber thief stealing your card number.


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

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
How Your Credit Card Can Help To Improve...
Credit card finance charges in India: A...
The ABN AMRO One Card
Be familiar with your Cash-Back Credit Card
American Express Platinum Corporate Card:...


whether you dispatched my credit card app nmo...
I want to check my name in credit card defaulter...
I have to change my mobile no. I am holding credit...
I want to see my SBI Credit Card ending 0219statement
Check my balance my card no is 5048 1070115018927602
Harlal Ranarayan meena

NEWS THIS WEEK
RBI worried over the rising online banking frauds Apr 23, 2014
Banks slowed the addition of new POS terminals and ATM machines Apr 22, 2014
Drop down in credit card space –HDFC bank Apr 9, 2014
Few more interest free days to pay credit card dues Apr 8, 2014
Increase in credit card base Apr 4, 2014
News Archive