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Online Credit Card Fraud Exposed

Posted February 12th, 2010 and last modified October 22nd, 2010

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As more online banking goes on, there are more disguised online credit card fraud schemes showing up. Read this article to find out how you can keep yourself better protected.

Online credit card fraud is on the rise, and it is in your best interest to learn everything you can about it. Approximately $115 billion is stolen by thieves on the Internet every year. They take information from social networking and online banking sites using very deceiving tricks. They will even take money for victims of a natural disaster, such as the earthquake in Haiti, pretending to distribute it where it is needed. The money is pocketed by the thieves and you have been tricked into forking over some of your hard earned cash.

Online credit card fraud protection

Learning how to protect yourself against online credit card fraud is vital nowadays. Here are some of the methods used by thieves that you should know about.
This is a clever form of thievery using trickery and psychology to get people to hand over their banking or credit card information. An example of this would be an e-mail from a bank saying that the customer needs to make a change to their password right away because the banking system has had a problem. A link is provided for that customer to click on the e-mail. This link leads to a site that resembles the real banking site but is known as a shadow site. When somebody enters their new password along with their account number, the thieves that built this site now have access to their account and money, including any credit card information. It needs to be more common knowledge that banks would never send this type of e-mail so that these types of attacks would never work.
Pharming
This is a redirect where a thief has taken over a financial site and unwary visitors get redirected to a shadow site when they visit their bank’s website. It is all done so quickly that the customer would never notice it.
This type of online credit card fraud attacks different sorts of mobile devices. The person receiving a message is encouraged to click a link. Clicking this link will download malicious software to the mobile device which can compromise the whole network or steal personal information.
Software that is fake
This software is disguised as music or video players, or can even be in the form of an antivirus software. They can take over the computer system and force the user to purchase the product before they’ll go away.
Malware
This is software that can disable and attack computer systems and looks for vulnerabilities in operating systems and browsers. Worms, viruses and Trojans are examples of this Malware that can steal your banking information and is a dangerous online credit card fraud scheme.
There are a lot of online credit card fraud tricks out there, and if you know exactly what you are dealing with you will be better prepared to prevent it from ever happening to you.

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