Once credit card information including card number, expiry date and CVC falls into the hands of criminals,
Credit Card Fraud
Once credit card information including card number, expiry date and CVC falls into the hands of criminals, your credit card information may be misappropriated and you may suffer loss.
Your credit card details may be stolen in the following ways:
Lost or stolen
Thieves can use your lost or stolen cards to make purchases until they go over the credit limit
Theft by merchants
When making payment with credit cards at physical stores, ill-intentioned salespersons may copy the card details for resale or other illegal purposes
Phishing attacks
By setting up fraudulent websites, fraudsters send phishing emails and ask users to input credit card details under various pretexts (for example, account update or account freeze, etc.)
Through Point-of-Sale (POS) terminals
If the POS system’s server is infected by malware, the computer connected to the server will be controlled by hackers and the credit card details will be stolen
Unlawfully obtaining of personal information for application of credit cards
Posing as the owner of the credit card and report the card as lost. The bank then issues a new card to the card owner’s registered mailbox, the fraudster would steal the new credit card from the mailbox. The fraudster may provide the bank with a fake address so that the new credit card will be posted to designated mailbox
Scam Prevention Tips
Upon receipt of the new credit card, change the default account name and PIN code as soon as possible
Patronise reliable and reputable online shops
Make online payment only on websites that are encrypted with “https”
Do not log into online banking account or input credit card details on public computers
Do not disclose credit card details to others
Beware of phishing websites or emails. Do not click on the hyperlinks or attachments embedded in emails
Reference:
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