Attention to Cyber Merchants

What the Cyber Merchants should do during credit card transaction.

Now a days Credit Card fraud through internet is a very big issue and it is creating near about 2% internet sales revenue loss in the internet sales market due to ignorance of some merchants. So this article is for them who do not want to face loss in their internet sales market and our article is for guiding them and inspite of this they are suggested to take suggestion from the experts in critical cases. Here are our suggestions:-

1) Finding out geolocation from sender’s IP address: - There are many tools in the internet for learning the geolocation of order supplier. At least you can learn from which country the order has come. For your reference www.ip2location.com may help you.

2) Check whether an anonymous proxy server was used to place the order: - If it is be cautious.

3) Compare IP address country and billing address country:- Now compare IP address country and billing address country. If it is found some suspicious then try to avoid it. Now its upto you.

4) Now check the risk status of the country: - For this you will have to collect survey report which speaks about most high risk country and low risk country and here I can’t explain as names of some countries are involved.

5) Check the e-mail address: - Now check the e-mail address, whether it is free or anonymous and here you can take help from www.fraudlabs.com .

6) Check whether the phone number is valid and located within the correct ZIP code.

7) Compare the credit card issuing bank’s country with the billing addresses country.

8) Call the credit card issuing bank to verify the validity of credit card.

9) For further quarry take suggestion from experts.

Thanks

Urproblemmysolution team

Kind attention

Kind attention to Credit Card holders and vendors at Malls and Shops

Dear friends

During the course of my daily job I get different complaints from many persons that their lost credit card, which they discovered after receiving the monthly statement, had been misused by some unknown person and that person purchased many costly goods or electronic machines from some shops, which they had learnt from their monthly statement, and thereafter when they go to that shop or mall cash counter the concerned person replies to them that they can’t remember that person who purchased that particular material from there. In this situation the legal Card holder had to bear the entire liability of those transactions as he/she did not report about loss of card in due time and this is his legal liability.

So in this situation its our request to the vendors in the malls and shops to use camera at the place of swiping of credit cards in such a place that all the purchasers snaps are taken and produce to Police authority as and when required and for this we think a legal order must be passed by each country for compelling the vendor to do so. This should be done for the sake of society. And if this system is followed compulsorily by law we think this type of fraud and crime will be stopped and all the banks with ATM counters are also requested to think on this subject for protecting their customers from misuse of their ATM cards and Credit Cards of different banks.

We badly need your comments in this field friend.

Thanks

Urproblemmysolution team

Credit Score Improve

Improve your Credit Rating

Hi Friends,

Most of our known readers were asking us “why have you not discussed about in favor of receiving Credit Cards and what steps should be taken to be a regular Credit Card holder as now a days it is quite impossible to live without any lone ?” So as per their request we are going to Post this before you. This may be helpful to all of you.

For this you must know about Credit Rating, which assesses the credit worthiness of an individual and it is calculated on the basis of financial history, current assets and liabilities. Do you know why is this needed to both borrower and lender?

This is needed as this tells a lender or investor the probability of individual’s ability to pay back loan dues. A poor rating person can’t get loan as it is high risk to the lender/investor for collecting loan repayment from him but in case of high rating it is totally different.

Now we are going to discuss the details about this.

The credit rating is done by some credit bureaus/agencies all over the world and they compile and maintain the credit history of an individual. It comes through a statistical analysis of the available credit data, which results in a three digit credit score (100 to 999) or “R” (R1 to R9) ratings. Experian, Equifax, Trans Union and Innovis, Call credit and Northern Credit bureau are the examples of some credit bureaus/agencies.

All the countries do not allow open access to the credit report and credit scores. Americans are entitled to one free credit report from within a month from the agencies of their country and they can get it from http://www.annualcreditreport.com. In some states such as California and Colorado, a consumer is entitled to a free credit report within 30 days of being denied credit or receiving sub-normal credit terms from a lender.

When your credit score is low you are rejected by the lenders and when your credit score is very high you may be requested to submit additional documents to prove your credit worthiness. Now finally what is badly needed to say that what things can improve your credit score. They are as follows:-

>>>Pay minimum amount due before date

>>> Make full payments on credit cards every time

>>> When your credit score is low pay the entire loan first and don’t take any loan until score improves.

Thanks

Urproblemmysolution team

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Laws on card fraud

Credit Card Fraud Laws we must know

HI Friends,

I think now the time has come to us to know the laws about Credit Card Frauds in three different countries. Though all the countries have their separate laws they will be discussed later on demand.

We should start with U S A Law in this field:-

The Title 18 of the U.S. Code, Section 1029 provides details of credit card fraud penalties. Credit card fraud laws are also put in place by various state and federal law agencies. The punishment for this type of crime can vary in misdemeanor and felony classes depending on the jurisdiction and state laws. From being charged with class A misdemeanor to class E felony, the crime can result in many different criminal charges with varying sentences. As a first offense, the lowest time required to be served can range from 5 years to 15 years. Credit card fraud laws can sentence a criminal for up to 20 years in prison in the case of repeat offense. Very strict violation penalties are also put in place to discourage criminals from repeating their offense. (Source: - http://creditcardforum.com/credit-card-fraud/634-credit-card-fraud-laws.html)

U K Laws over this

In the UK, credit cards are regulated by the Consumer Credit Act 1974 (amended 2006). This provides a number of protections and requirements.

Indian Laws over this:-

Sections of Law: Section of Law: 66 of Information Technology Act 2000 (If fraud is through internet)

Section: - 120(B), 420, 467, 468, 471 of Indian Penal Code.

Punishment:- 66 of Information Technology Act 2000-à Whoever commits hacking shall be punished with imprisonment up to three years, or with fine which may extend up to two lakh rupees, or with both.

420 IPC--à Imprisonment for 7 yrs and fine

467 IPC-à Imprisonment for life or 10 yrs and fine

468 IPC -à Imprisonment for 7 yrs and fine

471 IPC -à Imprisonment for 7 yrs and fine

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True Story

Another story about credit card fraud:-

IIT Bombay boy held in Rs 7 lakh credit card frauds . Do you know what he did? Now just read it and be conscious.

His modus operandi (mode of operation) was to pick people from the Yellow Pages directory and call them up posing as an employee of Barclays Bank. He would convince them into accepting a free credit card from the bank. Those interested were asked to furnish credit card details, including the CVV number (card verification value code), of any other bank as a requisite for issuance of a Barclays Bank credit card.

He would call up the customer care cell of that particular bank, disclose his CVV number and get the contact number of the actual credit card holder changed in the bank records. By doing so, he ensured that any query related to the online transaction he made using that card was posed to him and not the actual card holder.

With the help of a local air-booking agent, he would procure a list of frequent flyers. Samir (Name changed) would then book tickets online using those credit card details. The agent would cancel the tickets after a few days and get the refund amount. After deducting a small commission, the rest would be deposited in the bogus Punjab National Bank account operated by Samir

Assuming bogus names like Vijay Panchal, Siddharth Mehta, Tejas Shah, Avinash Mehta, Ronak Shah, Dipesh Mehta, Rajesh Mahajan, Samir Bhatia, Vineet Menon, Pradeep Mehra he used to convince his victims into giving him their residential address. He used this to make fake residence proof documents. He would even photoshop his own PAN card, replace his photograph with that of the victim’s, alter personal details and produce the fake PAN card and residence proof to buy new SIM cards, To ensure he never got caught, he would use different cyber cafes and cell phone GPRS systems.

So be conscious my friends.

Thanks

urproblemmysolution Team

Readers can Put their any kind of Problem under the Lebel of Put Your Problem Here. Our team will respond in this blog.

Credit Card information used by terrorists

Hi friends,

Now I am going to share a true story about the misuse of credit card information by militants of a country, which was published in their official web site as declared by an website:-

Sunday, June 15, 2008

Credit Card fraud used to fund Terrorist Organization

The Sri Lanka Ministry of Defence website reported:

The mastermind behind the international credit card fraud for funding the LTTE terrorist organization has been arrested by the Special Task Force (STF) personnel while conducting a search operation in the Wellawatta area on Friday, June 13.

The suspect Anandan, alias Neshanadan Muruganandan, was in a super luxury apartment in Wellawatta at the time he was arrested by the special police team, sources said. He had a large number of Personal Identification Numbers (PIN) and bank receipts issued by both local and foreign banks, amounting to a massive sum of money, over Rs. 100 million, in his possession when he was arrested.

This isn't the first time a tie between payment (credit/debit) card fraud and funding terrorism has been suggested. In the past, it's been widely reported that Al Qaeda training manuals teach their minions to use credit card fraud as a way to survive in foreign lands.

There has also been speculation that organized crime and terrorists mingle in the underground economy when it suits their needs. In another story, also found on Sri Lanka's Ministry of Defence site, it mentions that 130,000 passports were stolen and that some of them were provided to the highest bidder (Al Qaeda).

Thanks

urproblemmysolution team

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Your Liability

Card Holder’s Legal Liability

Hi friends,

Now the Credit Card holders have to face many financial problems relating payments to the Card issuing banks and financial institutions and for that I think time has come to know in some special cases what your liability is when you are credit card holder.

1. When you have lost your card or it is stolen: - If you don’t inform it to the issuing bank’s customer care service as soon as you have noticed your credit card loss you will have to bear the liability till the period of information to customer care dept and then for legalize the matter you will have to diarize the matter before the local Police Station where you lost it.
2. When it is used by another person:- There are indeed two situations when card holder will be liable for it’s use by another person.

a) When there is a common law agency, where the agent has either an express or implied to act on his behalf.

b) Where there is a deemed agency, i. e deemed by statute.

3. Unauthorized purchase by agents: - Though the unauthorized spending would constitute a breach of agreement between the principal card-holder and his agent, this would not affect the principal card holder’s liability to the card issuing bank. It means principal card holder is liable for that.

4. Card Holder’s Liability for signing blank sales voucher: - Card holder will be liable to pay the complete sum but if the card was on ‘pick-up’ or ‘stop-list’ and the bank authorizes the agent’s spending then the principal card holder will not be liable for the spending by his agent.

Thanks Friends

urproblemmysolution team

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SAVE YOURSELF FROM INTERNET CREDIT CARD USE

HOW TO SAVE YOURSELF FROM INTERNET CREDIT CARD USE

The following ten-point checklist when shopping on the internet is recommended.

1. Only use recognized and established retailers.
2. Never disclose your PIN to anyone and never send it over the Internet.
3. Ensure that the locked padlock or unbroken key symbol is shown in the bottom right of your browser window before sending your card details. The beginning of the retailer’s internet address will change from ‘http’ to ‘https’ when a purchase is made using a secure connection.
4. Make sure your browser is set to the highest level of security notification and monitoring. The safety options are not always activated by default when you install your computer.
5. Use up to date versions of web browsers, old ones are less secure.
6. Ensure that the retailer has an encryption certificate. This should explain the type and extent of security and encryption it uses.
7. Check statements from your card issuer as soon as you receive them. Raise any discrepancies with the retailer concerned in the first instance. If you find a transaction on your statement that you did not make, contact your card issuer immediately.
8. Print out your order and keep copies of the retailer’s terms and conditions and returns policy. There may be additional charges such as local taxes and postage, particularly if you are purchasing from abroad.
9. Ensure you are fully aware of any payment commitments you are entering into, including whether you are instructing a single payment or a series of payments.
10. If you have any doubts about giving your card details, find another method of payment.

Thanks

urproblemmysolution team

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Skimmer

Skimmer

Do u know what is this? This is an interesting electronic device, which can steal the data from a credit card from its magnetic stripe without your knowledge.

A card skimmer is a device which is designed to steal information from a card with a magnetic stripe, classically a credit card, when the card is used in a legitimate financial transaction. Once collected on the device, the skimmer can be used to make a clone of the card which can be used for illegal gaining purposes, or the collected information can be utilized for online and over the phone transactions where requirement of a physical credit card is not necessary, only the information on the card is enough. The frauds swipe it in their skimmer and steal the detail information.

This may be kept in the belt of a person in the form of a mobile phone cover, on the back side of a lighter, may be attached to a credit card terminal or ATM.

By the end of the day the frauds downloads these in their computer and use it as they want. There are many examples, which I will discuss with you later here.

Thanks

urproblemmysolution team

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MAGSTRIPE

MAGSTRIPE

The details of the card holder and about card are kept in the magnetic stripe, which is made up of tiny iron-based magnetic particles in a plastic-like film. Each particle is really a tiny bar magnet about 20-millionths of an inch long. It is a three track stripe. Each track is about one-tenth of an inch wide. Credit card typically uses only tracks one and two. Track three is a read/write track (which includes an encrypted PIN, country code, currency units and amount authorized), but its usage is not standardized among banks. This is the heart of a card.

Thanks

urproblemmysolution team

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Carder

Carder

Now I will introduce you about an interesting person. Just go through about him and learn what he can do with you, when you are online for e-shopping.

A carder is a criminal who specializes in stealing information from credit cards. Although the majority of them buy the information from online vendors, some of them are quite savvy on how to access that information by themselves.
In the physical world, a carder will steal the information from a user while doing a face to face transaction. The criminal only needs to pass the card through a special scanner. This device will read from the magnetic strip all of the credit card information. Afterwards, the carder will trespass that information to a blank card available in many identity card stores. In the virtual world, credit card hacking is a bit more sophisticated and automatized. A hacker could install inside your system a credit card hacking software known as Bugbear. This program is a keystroke logger; it captures the keys that you have pressed in your keyboard and after some time, it transmits this information to the hacker. The criminal will navigate through this data, searching for any private information that can give him access to your credit card.
Besides Bugbear, there is also the IRC bot. This automated software is used for determined functions, like a moderator for a chat room. But if it is used by a hacker, he may use it for stealing your credit card information. The IRC bot will pose as an official from a company, asking you to insert your credit card information.
Another mean that hackers use for stealing money from your credit card is through unused ebay accounts. Once they find a possible victim, the hacker uses a program that starts bombarding the account until it breaks it. Once inside, the hacker will use it for posing as the real user, selling equipment that will never reach the buyer once he buys it.

Have a good day.

Thanks

urproblemmysolution team

Readers can Put their any kind of Problem under the Lebel of Put Your Problem Here. Our team will respond in this blog.

Credit Card

Hi Friends

I know now most of the credit card users are facing a lot of problems, especially from internet transactions, which is creating financial loss to both the user and the service provider. So now time has come to know how to use credit card safely in internet transactions and transactions in shop and malls. For this both the customer and the businessman must take proper care for their financial safety and security.

So I think now you are thinking how is it possible ? It is possible my friends. If you face this kind of problem in your life then post your comment I am ready to respond and if you want to know details about credit card frauds I will post it in my blog.

Thanks

urproblemmysolution team

Readers can Put their any kind of Problem under the Lebel of Put Your Problem Here. Our team will respond in this blog.