CREDIT CARD FRAUDS

credit card frauds beware!!!

In modern days cash is been replaced by so called plastic money or credit cards. the wide use of these cards are more comfortable and most of the major credit cardsare accepted world wide. but as the use of these technology cash increases the number of fraud cases are also increasing proportionaly. The direct fraud use of these cards via stealing can be stopeed not so effectively but considerably by asking for photo id or matching the signatures.But the main challenge will be stopping the credit card frauds in internet.thery are allaround. From stealing a small amount to big transactions.

All Banks have a number of security measures at the network level, including high end real-time analysis that can estimate the probability of forgery based on many elements. The location can be a key factor in trapping the credit card frauds. If a credit card holder residing in germany, will not be using a shop in china at the same time. but this will be practicable only inm retail shops and normal shops.for online internet frauds you need a more sophisticated system.A tracking device for credit card frauds or a database made by early history may help.But ultimately its every ones responsibility not to provide their credit card numbers to unknown companies. Most of these unknown internet publishers are frauds.

Another shocking news is that Stolen credit cards arew for sale in internet on various sites.Where credit card prices varies dramastically with supply and demand in a sort of black stock market -- offer a window into a crime that costs the financial system $1 billion or more a year. This same Internet technology that encouraged the theft and sale of credit cards gives a transcript of the criminal activity, and a real-time peephole into the attitudes, ethic -- and honor -- among the thieves. The chat forums indicate as well that several dozen of the top participants recently have discussed gathering at a credit-card reseller's conference in Odessa, Ukraine, at the end of this month.''It's straight out of Capitalism 101 -- it's become a big industry,'' said one high-technology executive who surreptitiously monitors the Internet card markets, and who noted that the market price of credit cards fluctuates daily based on supply -- which, he said, is copious. ''There appears to be an endless supply of cards out there,'' he said.In recent days, the cost of a single credit card has been between 40 cents to 6 dollars depending on the level of information provided. But the credit-card numbers typically are offered in bulk, costing, for example, $100 for 250 cards, to $1,000 for 5,000 cards, with the sellers offering guarantees that the credit-card numbers are valid.Security experts say the buyers of the card numbers in these forums are all over the world, but often come from the former Soviet Union, Eastern Europe and Asia and aften third world countries,. The buyers use the numbers in a variety of frauds, including making purchases over the Internet, having them fenced in the West, or even extracting cash advances directly from the credit-card accounts.The electronic commerce has emerged so vastily that it has aroused some questions about security.credit card frauds is a major concern.