Mark Hauser Discusses Credit Card Fraud Protection

The latest technology has made credit card fraud increasingly difficult to detect. Criminals are now able to access sophisticated tools and techniques – like cloning cards or using remote payment services – to perpetrate their crimes. This has led to an increase in incidents of fraud that can have serious impacts on both businesses and individuals.

So, what is credit card fraud? Are there any known types of this form of identity theft? How can you protect yourself from becoming a victim of such fraud? To get an answer to each of these puzzling questions, continue reading to understand what Mark Hauser, the co-managing partner at Hauser Private Equity, has to say about credit card fraud.

What is Credit Card Fraud?

Simply put, it’s when someone uses a stolen or fake credit card to make purchases or withdraw cash without the authorization of the card’s owner. It can also occur when a criminal obtains your personal and financial information – such as your name, address, account numbers, and passwords – to make unauthorized purchases or access your accounts.

Mark Hauser continues by saying that a more serious form of this kind of theft can affect all consumers regardless of their income levels.

Types of Credit Card Fraud

Credit card fraud may take different forms, but the most common types include:

• Stolen or Lost Card Fraud. A cardholder may accidentally drop their card without their

knowledge. Similarly, a cardholder may fail to retrieve their cards at the merchant’s terminal. In any of the above instances, a fraudster may discover the card and do transactions before the cardholder realizes it.

• Cloned Card Fraud. In this type of fraud, the fraudster may fix a card skimmer into the

card reader. Without being aware, the cardholder may then insert their cards into the machine; making it easier for the fraudster to steal their information.

• Card-Not-Present Fraud. The criminal may either retrieve the cardholder’s information

from the “Dark Web” or by engaging in phishing activities.

• New Account Fraud. This may be the most dangerous and damaging type of credit card

fraud. Here, the criminal uses someone’s details in opening new accounts.

Ways of Reducing Credit Card Fraud Risks

1. Online Credit Card Use

• Avoid saving your card details online. It’s safer to type in the card details only when

making online purchases.

• Avoid using similar passwords for different sites. Using the same password for all sites

makes it easier for hackers to obtain your information. However, using different and strong passwords for different sites may discourage hackers from wanting to obtain more of your data.

• Limit online shopping to secure sites.

2. In-Person Credit Card Use

• Stay alert for card skimmers.
• Keep away from using public Wi-Fi for card purchases.
• Always keep your eye on the card.

What to Do if Credit Card Fraud Occurs?

If you ever become a victim of credit card fraud, here’s what Mark Hauser recommends the cardholder to do:

First, you need to notify the card-issuing bank with immediate effect. Next, you need to change all your pins and passwords. Additionally, you need to file a Federal Trade Commission Identity Theft Report and finally, the cardholder should contact Experian credit bureau.

The latest technology has made credit card fraud increasingly difficult to detect. Criminals are now able to access sophisticated tools and techniques – like cloning cards or using remote payment services – to perpetrate their crimes. This has led to an increase in incidents of fraud that can have serious impacts on both businesses and…

The latest technology has made credit card fraud increasingly difficult to detect. Criminals are now able to access sophisticated tools and techniques – like cloning cards or using remote payment services – to perpetrate their crimes. This has led to an increase in incidents of fraud that can have serious impacts on both businesses and…