SBI Credit Card Scam

The Video posted here to be true is a disgrace to the Indian nation since the complaint made is on the State Bank of India which is believed to be Nation's pride. It pictures the way Banks cheat the customers( to be true they wont cheat, but the disclosure of risks will not be open) and I hope you get some awareness before giving your consent to any of the promotional offer you are offered particularly over Telephone. If you have the patience to go through the Terms and conditions first do that before giving your consent right away. Banks never disclose the underlying risks in any of the things they do,.. So, beware.

Australians a soft Target for Fraudulent Transactions

A recent survey conducted by a number of organisations all around the world indicate that Australia is a Land of Milk and Honey for the fraudsters. So what forms the basis of this theory, common let us have a glimpse. The first evidence for the above theory is from ACI, a provider of application softwares for electronic payments, surveyed some 2409 people globally out of which 310 responded were from Australia. The results of survey were as follows

• One in ten Australian respondents had faced card fraud once
• 2.58 percent were unlucky enough to lose funds twice.
• 1.29 percent claimed to have been a victim three times.
• 0.64 percent of them have experienced more than three occasions.

The irony here is that in the US and UK, 27 percent of respondents had been hit by card fraud in the past five years, compared to seven percent in Dubai, eight percent in Germany and 15 percent in China and Singapore.

Police say the 2009 figure will be massively higher than 2008, with more than 190 ATMs already subjected to skimming attacks so far this year. If this rate continues, 250 ATMs will have been compromised by year's end, compared with just a handful in 2008.

Top Romanian fraud officer, Inspector Elvis Tudose, says his country's crime gangs have found Australia in a big way this year because of a simple feature: the magnetic stripe on the back of cards that makes skimming far easier.

People's names, identity and card data are installed on the black strip on the back of cards. But new cards now offered by banks overseas contain a smartcard chip impregnated into the card, making skimming far harder.

"The criminals thought it would be a good idea to move their field of operations to Australia," Insp Tudose said. Eastern European criminals make multiple card copies and withdraw money using customer PINs.

Supt Hay says this allows criminals to be quick and deadly in cleaning out accounts
Australian Payments Clearing Association indicates incidence of credit card fraud rose from 18.6 for every 100,000 transactions in 2007 to 21.8 per 100,000 transactions in 2008. The incidence of debit card fraud dropped from 2.3 in 2007 to 1.7 in 2008 (again, for every 100,000 transactions.)

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

Tips to Protect Your Credit Card from Fraud

Card fraud as we discussed earlier is one of the Worst threat to the people not only in India but most of the people all around the World. Here is the video which I hope will give you some idea of ways you should follow to protect yourself from fraudsters.

There are so many ways for the fraudsters to get the details of your account information unless otherwise you take some precautionary measures. Here are the tips for you


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