Credit Card Fraud-Analysis

The video shows and explains you the ways Credit card Fraudsters manage to get a Fake Credit card ready provided that they have the details of an original card issued by Bank. This Video is to educate or to provide awareness regarding the ways Fraudsters use to create Fake Cards. So here Mr.Bob watts, detective New port beach Police explains here the mechanism of Creating Fake Credit cards.

CREDIT CARD SCAM

There has been an outgrowing threat to the credit card companies as well as the Banks issuing them, to be true because of the growing fraud demanding a strong action and response from the Bank side which should be the final as well as a satisfying solution particularly for the end users. Now we have a look at the frauds that is happening around us.

Recently Federal authorities arrested a pair from California on the ground of Card fraud, Joseph Hatfield aged 27 and Jameelah Sullins aged 22 were caught by federal authorities when Mr. Hatfield was flying from Sacramento to Phoenix. A black suitcase with a lost it’s baggage tag was identified by South West Airlines and when they opened it they were shocked to see find a credit card reader/writer along with 25 credit cards and a California driver License in the name of Adam Constant.

The Detectives of Sacramento county Sheriff found the Cards having numbers that didn’t match the banks that were printed on the cards. Many of the Cards had been used to buy sweaters, jeans, and other items. Ironically the fact that Mr. Hatfield is behind this may would have remained hidden unless he wouldn’t have rung the Airlines authority seeking the lost Black suitcase.

If convicted Hatfield and Sullins may face Fifteen years of imprisonment for the charges of access device fraud and Credit card conspiracy

Credit card Scam in India

CHINESE NATIONAL CAUGHT IN CREDIT CARD SCAM

The card fraud in India though less compared with other Asian countries is still facing serious issues regarding the Credit card scam without exceptions. On October 15th Man claiming to be from Singapore tried to purchase Jewels in a Jewelry shop at Purasawalkam , Chennai and the Card machine rejected the Transaction due to insufficient Credit limit and the Person told the shopkeepers that he will come the next day and pay for the Jewels in cash and get it collected. The Guy, next day went to the shop with more Credit cards which alerted the Shopkeeper and the latter in turn informed the Police.

The Card seemed to be issued by Standard Chartered and when the Bank official when spoke to the Original Card holder found that he had not come to India and the Card was with him. Commissioner of Police T.Rajendran along with his special team with specific clues apprehended the suspect T.Tankohyu aged 28 who was staying in a hotel on the Armenian Road. Police seized four fake credit cards along with Mobile phones and he claimed that he got the cards from Malaysia on payment.

Sources in the Central Crime Branch said efforts were on to know whether Tankohyu had come alone or with some accomplices. “Steps will be taken through diplomatic channels to take legal action against the suspects in Malaysia who supplied the fake credit cards. We are probing the modus operandi of the gang and its nexus with criminals in other countries,” a police official added.

CARD FRAUD IN CHENNAI
Chennai police averted a credit card scam following the arrest of a man settled in Mumbai and whose native is Coimbatore, when he tried to purchase from a shop here at T Nagar, Chennai.
The person turned out to be Mohammed Javeed aged 44 and his accomplice Rao alias Salam alias Hitla sha(35) both of them were asked to remain a while in the shop by the shopkeepers when the sophisticated credit card swiping machine revealed that the card holder is a resident of United Kingdom. One of the Employee over there called the local police and he was arrested immediately.

Following the information got from Javeed, police raided his room in Triplicane Mansion and recovered 28 fake credit cards and three Mobile phones. The accused claims that he got the cards from agents in Mumbai who in turn collected them from UK.

Card Protection Plan - Analysis

We have already discussed about the Card protection plan including the benefits as well as the drawbacks. Let us discuss about the validity and worthiness of the plan and the real problem Indians are facing regarding the Credit cards as well as debit cards. A view at the drawbacks I think would have provided you an idea regarding the Card Protection plan and the conclusion you would have arrived,I hope is that the plan is useful because it offers you Pre-notification benefit which means if any fraud happens even before the report of Card holder those fraud will be covered but not fully when it comes for more than three card and if credit limit is above forty thousand since the maximum compensation that will be paid for a single card is just Forty Thousand Rupees if it is misused by fraudster( only when the card is physically lost or stolen).

This plan is offered by majority of the banks in India and still the reason for this is not clear, since Card protection plan is applicable only for the fraud that happens in your card after you get it physically lost or stolen. The probability for loosing credit card or debit card is very less and more over stealing cards is a very old story because nowadays majority of the cards are misused through skimming, a technique of getting the card details and misuse the data later. Once again the bank should take the liability for the fraud that happens in your lost or stolen card if u got it signed or if your card is a photo card(card that have the photo of the authorized card holder) or the liability goes to the shopkeeper who dint care to verify whether signature is matching or not.

The above stated details are true facts and you can claim the money that was misused in credit card if you dint acted with a total negligence or helped out the fraud to happen with your knowledge. So, signing the back of your card is very important and do it as soon as possible after receiving them. Now the only benefit offered by CPP itself become invalid and still what baffles me is why banks in India are still providing their customers this Card Protection Plan and many of them when there are possible ways to protect their card without spending a sum of thousand four hundred and four rupees.