bankingciooutlook

Different Kinds of Payment Frauds

Banking CIO Outlook | Monday, May 02, 2022

CNP fraud is typically performed while purchasing high-value items such as electrical equipment and mobile phones, but it is gradually extending into other sectors like hotel bookings.

Fremont, CA: Card not present fraud, skimming, jackpotting, and company email breach are all just a few of the sorts of payment fraud. Criminals' tactics are always developing and adapting to new security measures, boosting the success rate of attacks.

Fraudulent use of a credit card that is not present

Once a person's credit card data has got accessed by a third-party breach, phishing email, or scam text message, card not present (CNP) fraud can occur. While not physically owning the card, the fraudster attempts to perform a fraudulent credit card transaction online or over the phone.

CNP fraud is typically performed while purchasing high-value items such as electrical equipment and mobile phones, but it is gradually extending into other sectors like hotel bookings.

Skimming

The capturing of card magnetic-stripe track data at Point of Sale terminals and ATMs is known as skimming.' Criminals may also put a camera on the ATM in order to steal the PIN in addition to using a skimming device, which gets commonly made of metal or plastic.

Jackpotting

Certain older ATMs may well be vulnerable to 'jackpotting,' in which a criminal connects to the ATM dispenser and empties it of cash using malware or a 'black box' hardware device.

On the Darknet, malware including WinPot and Cutlet Maker is accessible, resulting in a rise in ATM jackpotting assaults.

Business Email Compromise

Business email compromise (BEC) assaults include employees getting duped into sending cash to the criminal's account by impersonating firm personnel, usual members of senior management who may approve transfers.

European law enforcement has prioritized BEC, with assaults growing "more professional and convincing." Whereas social engineering was formerly the preferred way, other tactics such as network infiltration, malware, and the hacking of genuine email accounts to impersonate critical persons are increasingly employed.

See Also : Payment And Card Solutions Companies

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