💳 Payment card frauds are a type of banking fraud that involves unauthorized transactions or gaining unauthorized access to private information related to the card.
Here are Some Common Types of Payment Card frauds:
📞 Phishing/Vishing: Attackers are now resorting to voice calls and emails disguised as an authority to gain the victim’s trust and extract financial information.
📝 Loss of Card or PIN: Noting down account details, card numbers, PINs on paper or on your mobiles may put you in danger if they are lost.
⌨️ Keystroke Logging: It is the action of secretly recording the keystrokes on a keyboard to know your credentials. This enables attackers to obtain the payment card PIN for net banking passwords and carry out fraud.
🗃️ Card skimming and cloning: Attackers attach a skimming device in the card reading slot of an ATM. On swiping a card, it reads the card’s information.
👤 Using this info, attackers can make a duplicate card and perform unauthorised transactions.
👀 Shoulder Surfing: To know the card’s PIN, the attacker tries to peek over your shoulder (or) distract you while you’re entering the PIN (or) tries to offer help even if you haven’t asked for it.