Information Security – Credit Card Fraud

Six Effective Ways To Keep Your Money Safe While Traveling

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Pickpockets that often target crowded tourist areas are an added risk to your finances on vacation, so always make sure to plan wisely and take all the necessary precautions when traveling.
Use your credit rather than your debit card.
If your wallet gets stolen, debit cards offer less protection, and dealing with fraudulent charges is less of a hassle on your credit card.
However, if you need to withdraw cash, use your debit card; credit cards have high fees.
– Stacy Francis, Francis Financial, Inc. 2.
For example, you can carry a money pouch under your clothing, with one credit card and a small amount of cash.
Keep a separate credit card and ID hidden in a locking suitcase at your hotel.
Only Use Bank ATMs A major source of money theft comes from where you’d least expect it: the ATM.
Only Use Credit Cards Whenever I travel, I follow a simple rule: no cash, no debit.
Exchange enough money at the airport to get you to your hotel with some to spare.

Online Credit Card Fraud Risk Increases Due to Russian Online Carding Course

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Online Credit Card Fraud Risk Increases Due to Russian Online Carding Course.
Credit card fraud has always been a problem for digital payments.
It has become increasingly easy for criminals to obtain credit card information, either by keylogging user information or by hacking online retailers.
It now appears Russian hackers have put together a compendium of sorts which allows anyone to abuse stolen credit card information with relative ease.
Credit card fraud has always been a big problem.
The number of credit cards stolen from online retailers or through other cyber attacks has risen almost every single year.
When security researchers stumbled across a six-week online course teaching Russian hackers how to card goods and services using stolen credit card information, things took a turn for the worse.
Credit cards are an integral part of eBay and PayPal, making them prone targets to carding attempts.
This WWH course is on par with regular university courses, as it oozes professionalism and the intent to share knowledge.
The “teachers” claim they will continue to update course materials on a regular basis.

Digital Shadows study explores tactics of credit card fraud gangs

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Digital Shadows study explores tactics of credit card fraud gangs.
Digital risk management firm Digital Shadows recently released the findings of study that explored the various habits and tactics utilised by credit card fraud gangs.
The company’s global team of analysts evaluated a wide range of criminal forums and discovered a rising trend of remote learning ‘schools’.
Typically taught in the Russian language, these schools offer six-week courses that are so sophisticated, they include webinars, course materials and detailed notes.
Cyber criminals who complete these courses could potential make up to $12,000 a month.
Rick Holland, VP Strategy at Digital Shadows, commented: “The card companies have developed sophisticated anti-fraud measures and high quality training like this can be seen as a reaction to this.” “Unfortunately, it’s a sign that criminals continually seek to lower barriers to entry, which then put more criminals into the ecosystem and cost card brands, retailers and consumers.
However, the benefit is that the criminals are increasingly exposing their methods, which means that credit card companies, merchants and customers can learn from them and adjust their defences accordingly.”
Other insights from the study show that social engineering techniques are heavily emphasised in the courses as it is the main weapon used by cyber criminals to discover PIN codes, and personal details of the cardholder. “This ecosystem is highly complex and international.

Why Are Millennials Avoiding Credit Cards?

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Why Are Millennials Avoiding Credit Cards?.
That compares to only 45% of Americans between the ages of 30 and 49, and 38% of those aged 50-64 without credit cards.
The 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act probably played some part in the decrease by making credit cards difficult to obtain for those under age 21.
Unemployment may be keeping some millennials from qualifying for credit, but others appear to be avoiding credit cards as a matter of principle.
Debt/Interest Rate – Credit card debt is usually the highest interest rate debt you will incur and if you charge more than you can pay off each month, debt can spiral to unmanageable levels.
Ease of Overspending – The flipside of the convenience advantages listed above.
Poor Credit Scores – Just as you can build your credit history with responsible credit card use, you can damage it with irresponsible use.
Having no credit history makes it difficult to qualify for loans and mortgages, but having a poor credit history increases those difficulties.
The most responsible path is to use cards sparingly, pay them off in full each month, and stay at a small fraction of your credit limit (10% or less if possible).
Avoiding credit cards is advisable if you cannot use them responsibly.

Cybercriminals can take a class on stealing credit cards

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Your credit card information is valuable, and for criminals who want to learn how to find and use it — there’s a class for that.
Security firm Digital Shadows discovered the cybercrime class taught by five instructors and sold on a deep web forum.
Digital Shadows estimates $24 billion will be lost to credit card fraud next year.
Criminals can also take emails and passwords leaked from other data breaches, and test them on banking websites.
According to Digital Shadows, the course recommends visiting one of six different sites to get credit card data.
On two of those forums, more than 1.2 million card numbers were advertised for sale — nearly half of them in the U.S. CNN Tech is not publishing the names of the sites on the deep web where criminals can buy credit cards.
Barbosa helped prosecute Roman Valerevich Seleznev, one of the world’s most notorious carders.
Seleznev stole millions of credit card numbers and sold them to other criminals.
Seleznev trained fraudsters on how to use stolen credit cards to increase demand for the product he stole.
His training, though more rudimentary than the lectures discovered by Digital Shadows, helped boost his own business.

Think Tank: Is AI the Future of E-commerce Fraud Prevention?

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There’s a lot of debate about what Artificial Intelligence really means, and how we should feel about it.
As Gartner says in “A Framework for Applying AI in the Enterprise,” “The artificial intelligence acronym ‘AI’ might more appropriately stand for ‘amazing innovations’ that do what we thought technology couldn’t do.” One way and another, we’re talking about “smart machines” — machines that are trained on existing, historical data, and use that to make accurate deductions or predictions about examples with which they’re presented.
2) Personalization: The experience can be tailored to each customer in ways that were not an option when companies had to configure/design the experience for everyone at once (or maybe have a few versions based on geographies).
All of this makes me unpopular with e-commerce fraud prevention systems.
I was a fraud prevention analyst myself, back in the time before AI was an option.
I know exactly how hard these transactions are to get right, from the human perspective.
I know how long it can take to review a transaction, and that as an analyst the tendency is always to play it safe — even if that means sending a good customer away.
AI is the future of e-commerce fraud prevention.
It brings scale, accuracy and adaptivity to improve customer experience, block fraud and increase sales.
Better fraud prevention is about to become standard.

Rona customer victim of credit card fraud says retailer should have called police

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Rona customer victim of credit card fraud says retailer should have called police.
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With her full name, address and credit card number in the hands of the man, she said she and the employee quickly realized it was a theft.
“They said that they didn’t want their staff to be in harms way, they had to protect their staff but I didn’t ask them to do anything with the perpetrator, just to call the police.” A Rona spokesperson said the retail giant is still gathering details to confirm the facts, but told CityNews proper protocol was followed that night when the employee immediately cancelled the order after speaking with Suzanne, and advised her to report the incident.

Your trusted e-Payment service and technology partner in Asia

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Your trusted e-Payment service and technology partner in Asia.
Every business today aims to establish itself in the digital space.
Amidst making the most of technological development, it is necessary that transaction data is kept safe and secure.
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Broad brand recognition AsiaPay has achieved many accolades.
The most secure and stable payment processing AsiaPay works with the largest banks in Asia, Europe, Australia and Great Britain.
Going forward, the team at AsiaPay aims to improve payment methods, payment channels, and payment experience.
Payment experiences are changing, and thus, the company aims to enhance the experience of clients and customers by providing safe and secure payment options in the future.

What’s the Difference Between Fraud Alerts and Credit Freezes?

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How fraud alerts work Fraud alerts, sometimes called security alerts, are a type of credit report status that can be issued by the any of three credit bureaus.
In order to file an extended alert, you’ll need an identity theft report and a police report indicating that your identity was stolen and/or damage was done to your credit.
How credit freezes work Like fraud alerts, credit freezes, or security freezes, also change the status of your credit reports and freezing your credit grants you free copies of your credit reports.
It should be noted that you can also temporarily or permanently lift a freeze if you apply for a credit card or other credit account.
As you can likely tell from the descriptions, fraud alerts are more of a temporary solution, although they can be extended to accommodate credit monitoring over a longer period of time if you fall victim to identity theft or you’re in the military and deployed.
It’s important to note, though, that while fraud alerts can be somewhat useful in stopping new credit accounts from being opened in your name, you won’t be alerted if someone other than you is using your credit.
This doesn’t mean that freezes are better – indeed, they can be expensive to create and cancel – but because of their extensiveness, freezes allow you to secure and control your reports better than fraud alerts do.
Something to also be aware of is that parents and legal guardians can request a credit freeze for their children to protect their credit until they’re old enough to build their own credit history — placing a fraud alert on your child’s credit isn’t an option.
If, for example, you suspect identity theft but can’t prove it, you’ll likely only be able to file an initial fraud alert.
This is because initial fraud alerts are available to you at any time, while extended fraud alerts will require an identity theft report.

Why It’s Important to Report Identity Theft and How to Do It

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Why It’s Important to Report Identity Theft and How to Do It.
No matter how your identity is misused, one of the most important things you should do after you discover it is to report identity theft.
While the victims of identity theft can experience a wide range of feelings afterward, from shock and violation to anger and shame, it’s important not to let any of those stop you from reporting the crime to any and all pertinent businesses and agencies.
How can you report identity theft?
Identity theft can take a great many forms, but most of it can be traced back to specific companies or businesses that will definitely want to know that someone is misusing your information to do business with them.
Most credit card companies, loan services, banks, utility companies and similar businesses have fraud departments that you can contact to disclose the identity theft and get the accounts closed or suspended.
In addition to obtaining copies of all three of your credit reportsfrom the credit bureaus (Experian, Equifax and TransUnion), you should also strongly consider placing a fraud alert on your credit files or going for a full-out credit freeze.
You can obtain free copies of your credit reports once a year through the government owned-and-operated website AnnualCreditReport.com; however, as a victim of identity theft, you can request an additional free copy of your reports.
That said, you are probably going to want to check your credit reports regularly throughout the next year or two for any new problems or to ensure that existing fraud gets successfully removed.
Whether you file a police report or not is ultimately up to you, though it may be required by some businesses to get charges reversed or accounts closed, and it can be helpful in the future if you continue to have problems.