Experts Highlight The Types Of Card Fraud That Consumers Should Know About

June 01, 2016 - PRESSADVANTAGE -

Manchester, NH – Banking institutions, authorities, and the payments industry are developing new innovations to fight identity thieves and fraudsters. These measures are created to establish a safe environment for financial transactions. There are many types of identity theft crimes, and they make many people from around the world suffer from financial embarrassment. This is something all consumers should be made aware of.

"It is concerning at just how easy it is for criminals to steal not only your money, but your own identity," explains RFID Vault spokesperson Rebecca Davis. But the good news is, protecting one's cards and information can be far easier than many would naturally assume. RFID Sleeves are a simple and affordable invention consumers need to consider adding to their shopping lists. This article investigates on the matter.

The two main tyes of fraud include payment fraud where criminals steal funds from debit or credit cards, and identity fraud where some form of ID is scanned and personal information is collected for further crimes. However the RFID scanning crimes are much deeper than this. Experts highlight the types of card fraud that consumers should know about. Today, there are many measures used to fight these crimes such as card validation codes, tamper-evident signature panel, holograms, and EMV chip.

While these security advances are thought to be helpful, it is important that consumers know exactly what credit card fraud is and the ways they could be victimized. Consumer education is one of the most important strategies in fighting crooks. "Fighting this risk is much easier and more affordable than many people think, RFID sleeves are a simple and effective solution," explains Davis.

There are eight major kinds of fraud linked with debit and credit card transactions. "We hope that by understanding the depth of card fraud more consumers will understand the importance of using RFID blocking technology," explains Davis.

The first is lost or stolen cards, which is considered to be the most common. Individuals who lose their cards or end up having their cards stolen from them should report to the proper institutions to minimize the damage.

The second kind of credit card fraud is called account takeover. This takes place when the cardholder unsuspectingly provides personal information to fraudsters. Personal information includes mother’s maiden name and home address.

The fraudster then gets in touch with the bank of the cardholder, reports a lost card as well as a change of address, and obtains a new card in the name of the soon-to-be victim.

There are many other types of card crimes such as the never received technique, which happens when the card is stolen from the mail and has not been able to reach its rightful owner. There is also fraudulent application that takes place when the fraudster utilizes the name and information of the victim to apply and get a credit card.

Other credit card crimes are called the multiple imprint, collusive merchants, mail order/telephone order (MO/TO) fraud, and counterfeit cards.

Counterfeit cards pertain to a cloned card. The cloned card is then used to make purchases. There are card skimming devices are typically used by thieves to read the personal information from credit cards and use it for fraudulent, illegal purposes.

The good news is that there are products such as the RFID blocking sleeves designed to protect consumers from thieves. These sleeves work by blocking thieves and their skimming devices from reading a cardholder’s information and using it for purchases, loans, and other criminal purposes. Davis shared that "many consumers are left amazed and relieved at how easy it is to protect your cards and other sensitive information through using RFID blocking technology." Put simply, RFID sleeves is something everyone should consider purchasing.

The RFID blocking sleeves can be purchased at amazon.com.

(http://www.amazon.com/rfid-blocking-sleeves/dp/B0150T0AI2).

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For more information about RFID Vault , contact the company here:

RFID Vault
Rebecca Davis
(603) 217-5366
media@myrfidvault.com
75 N Woodward Ave #81234
Tallahassee, FL 32313