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New Research Reveals Criminals Are Finding Unique Ways To Commit Credit Card Fraud

 



(MoneyNewsWire.Net, July 18, 2015 ) Portland, Oregon -- As honest people find ways to guard against cyber theft on line and with their credit cards, those who want to steal from them are getting better at their trade as well. If these newly encrypted cards are so sophisticated, why should the average person be concerned? There are lots of reasons.

No PIN? No Problem
Researchers at Newcastle University in the UK recently discovered a way to exploit cards by allowing them to circumvent transaction limits requiring a Personal Identification Number, or PIN. By undertaking the transaction in a foreign currency, the researchers were able to make transactions of up to $1 million euros or $1.1 million US dollars without a PIN or signature.

Closing The Door
Anne Richards of Shield Safe noted that the vulnerability would no doubt be closed by the credit card companies but that is no guarantee other similar problems would not be found. "Criminals are constantly finding new ways to commit credit card fraud" Ms. Richards said. One of the latest problems is credit card information being scanned without the owner's knowledge.

Easy To Swipe Without Swiping
The basic equipment needed to read credit card information through the air, is readily available to would-be crooks. An electronic card reader is available online for less than $100. These rogue readers can be connected to a laptop that will store the skimmed information. Such a reader can see the card's account number, expiration date, and security data immediately, and display it on the computer screen. Even credit cards still inside the mailing envelope can be copied, supplying the same type of account data. The information communicated from the card to a card reader can be enough to create a counterfeit card that can be successfully used to make an unauthorized purchase.

Making a counterfeit
By transferring the skimmed card data onto a blank magnetic-stripe card, crooks can produce a counterfeit card that can be used to make a purchase. Even security experts from the credit card companies and banks are on record saying this is possible.

Ms Richards of Shield Safe said "Protecting your credit cards just makes common sense. People can do this by keeping their credit card in a specially designed RFID blocking sleeve".


About Shield Safe

Shield Safe manufactures high quality RFID Blocking Sleeves for credit cards and passports. The sleeves prevent the card being scanned and personal details accessed.

Shield Safe

Anne Richards

503-177-5428

info@shieldsafe.net

Source: EmailWire.Com


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