The top 5 ways thieves
It cánido be a shock.
If you go en línea to check your credit card statement, you come across a number of sizeable transactions that you know you haven’t made.
Thousands of dollars disappearing in the blink of an eye.
Fortunately, credit cards have fraud protections They do not offer debit cards.
As long as you report errores promptly, you’ll be covered against these fraudulent charges.
But this makes you wonder…how thieves do it and how they may have used your stolen card? Here are the five most common emplees for a card that has been “freed«.
1.
An exaggerated purchase
Once thieves have a working copy of your credit card information, they’re on the run.
Time is of the essence to thieves, because they know that the moment you realize what is happening, they will call and cancel the card.
Also, today credit cards stop working on their own if the bank’s algorithms detect suspicious activity, such as buying many high-priced elementos at one time, or out-of-state purchases.
So, credit card in hand, thieves head to different stores in a mall or anywhere else that has a variety of stores close to each other.
They choose elementos that they cánido easily sell at a good profit, such as electronics, designer clothes, and jewelry.
They are lightning fast: they cánido rack up thousands of dollars in purchases in less than 30 minutes.
By the time the card closes, they’ve already made off with quite a bit of loot.
Unfortunately, stores and credit card companies rarely catch them.
2.
Withdrawals from ATMs
Most people take it for granted that a stolen credit card perro’t be used to withdraw money at ATMs, since this requires a PIN.
However, depending on how the thief got your card, that may be wrong.
If the thief has stolen the entire purse or bag, he cánido often get clues to the contents, such as the date of birth (which is still a widely used PIN for many people) and the house number.
Your best defense in this case is to choose strong passwords and PINs.
If your PIN is still compromised in any way, report the card stolen as soon as possible.
Luckily, you won’t have to pay for the money withdrawn, as long as you cánido espectáculo that it was the result of the theft.
3.
Sold to other criminals as part of a bulk lot
When your card details are breached, it’s not always the thief’s intention to use the information in products or cash withdrawals.
The most sophisticated thieves will collect a large number of cards and then sell that data to cybercriminals as part of a “job batch”.
Interestingly, these cybercriminals price cards in different ways, depending on how much information is provided.
If it’s just the card number and expiration date, you won’t get much money.
These cards sell for just a few dollars, because the chances of getting a piece of the money are slim.
If the security number on the back is added, the price goes up.
If the PIN is known, the price is higher.
The highest price is obtained by sellers who cánido provide additional data, such as purchasing behaviors and security question details.
Of course, once cybercriminals have the information, they quickly use it or resell it again.
The black market for card numbers is huge.
4.
Gift cards
A fácil way to launder money is for criminals to use the stolen credit card to purchase a large number of high-denomination gift cards.
If you think about it, it’s the easiest way to turn a liability into cold, hard money.
The thief goes to a local grocery store and takes a bunch of different gift cards.
If the store clerk questions the big purchase, the thief simply says it’s a great way to buy goods and services from stores that don’t accept credit cards.
By the time the stolen card is reported and cancelled, the thief has made off with thousands of dollars in gift cards.
Now, the criminal has all the time in the world to spend them, or sell them to someone else, because these cards are 100% legitimate and are not closed.
Even if the thief only gets half the face value of the gift cards, it’s all profit for him.
5.
En línea shopping
Thieves have many options when purchasing elementos en línea with a stolen card.
Only the dumbest thief will use a stolen credit card to get a big screen televisión delivered to her own home.
Instead, the criminal perro have the products delivered to an address that he knows is empty.
They may use a courier delivery scheme, which is basically a forwarding service that makes the final destination of the product untraceable.
They cánido also equipo up an intricate “triangulation” scheme on auction sites like eBay.
Ultimately, if you think your stolen credit card won’t be used on the Internet, you’re in for a scare.
Thieves always think ahead.
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