Archive for June, 2014

EASY WAY TO PREVENT CREDIT CARD RIPOFF FRAUD

Consumers are being warned about fraud possibilities with pay-and-go credit cards.

CREDIT CARD COVER IMAGE www.creditdcardseasy.net

Good quality tin foil could be the difference between losing money to credit card fraud or keeping your cash secure.

Contactless card technology might make going through the checkout slightly faster but it also exposes people as it can be used by fraudsters to covertly steal money from a card while it is in a pocket or handbag.

Edith Cowan’s digital forensics lecturer Peter Hannay said that while Mastercard was not aware of any cases happening he would not be surprised if it was happening but there were ways to protect yourself.

Contactless cards have several different names but they are bank cards that are placed next to a machine in order to carry out a quick transaction – rather than swiping or inserting the card.

Mr Hannay said ECU research showed it was possible for people to use technology to interact with the radio frequency identification microchip that makes the contactless cards work.

He believed current technology would allow interaction within close proximity of those carrying the tap-and-go cards, which would allow card details to be obtained.

The technology required would be obvious but could be hidden within a large briefcase.

“Brushing up against someone on a train, it’s not difficult to achieve on a train in peak hour, it’s not that obvious,” Mr Hannay said.

ytgokuiyb

He said employing the technology from a distance of several metres would require much larger and obvious antennas.

Mr Hannay said the only thing that could block signals between contactless bank cards and other devices was magnetic metal.

He suggested good quality foil, not the cheap stuff found in local supermarkets, was best to use.

Several products were already on the market, such as shields or sleeves, and they had tested well.

Mr Hannay said that while he did not expect technology to make it any easier for criminals to access people’s bank cards, he did expect such fraud cases to become more common as the technology was embedded in new cards.

“A couple of my colleagues who have got new cards have asked about it and they’ve been told that if they want a bank card, they have no choice,” Mr Hannay said.

Mastercard Australasia’s head of global fraud management Joseph Vukasovic said the company had not been made aware of any incidents of electronic pick-pocketing anywhere in the world.

He said that data drawn from a card in someone’s pocket was “effectively rendered useless” because additional information was required to use those details to make an online purchase, including the CVV code.

While major retailers and most other online outlets require the buyer to enter the CVV code to make a purchase, not all do.

Mr Vukasovic questioned why thieves would go to such lengths to obtain details from a card electronically.

“Every time you shop, that data is on there anyway, why would someone invest so much to get these details that are available to anyone who sees that card,” he said.

Mr Vukasovic said technology called CVC3 was built into the chip to increase a card’s security.

Mastercard’s security factsheet on their PayPass technology describes how the CVC3 technology makes it nearly impossible to “replay transactions because a code that accompanies an authorisation request changes every time an authorisation request is made”.

“There is a discrete authentication code that changes after each transaction,” the factsheet states.

“Without the proper code the transaction will not be authorised.”

www.clublibido.com (5)

www.intelagencies.com

www.scamsfakes.com

Henry Sapiecha

CREDIT CARD USAGE UP TO 43% OF TRANSACTION & THREATENING CASH AS KING

COIN & CASH USAGE DOWN & CREDIT CARD USAGE UP

coins arrow points down image www.money-au.com

Cash is still king but is declining in importance as Australian consumers are turning to cards and the internet to pay for goods and services. And it’s only going to get easier, placing the payments infrastructure ”at the global frontier”, according to the Reserve Bank.

In 2013, cash was used for just 47 per cent of transactions, down from 69 per cent in 2007, while debit, credit and charge card usage surged to be used in 43 per cent of transactions, up from 26 per cent, according to the findings of a new RBA survey into how we pay for goods and services.

credit-cards image www.creditcradseasy.net

Paypal is up to 3 per cent and BPay and internet banking are used for 3 per cent and 2 per cent of transactions respectively.

Contactless card usage has been a big winner, now accounting for 22 per cent of face-to-face purchases.

iyunil

www.intelagencies.com

www.scamsfakes.com

Henry Sapiecha

HOW & WHERE TO GET A SOLID GOLD CREDIT CARD

SOLID GOLD CREDIT CARD ISSUED BY ISLE  OF MAN BANK

credit-card-made-of-solid-gold-issued-in-isle-of-man-image www.creditcardseasy.net

A bank in the Isle of Man — a possession of the British Crown located in the Irish Sea between Scotland, England, Ireland and Wales— is offering a 14-carat gold credit card to customers who have at least $168,000 (£100,000) of metal bars in their vault.

The Bullion Visa card, issued by IMGold, is the world’s first solid gold credit card backed by the precious metal itself that allows users to effectively borrow against their bullion possessions, reports FT.com (subs. required).

it is not the first time a bank decides to issue a credit card made of the yellow metal. In 2012 Visa teamed up with Russian bank Sberbank-Kazakhstan and launched a solid gold credit card studded with 26 diamonds

However, it is not the first time a bank decides to issue a credit card made of the yellow metal. In 2012 Visa teamed up with Russian bank Sberbank-Kazakhstan and launched a solid gold credit card studded with 26 diamonds, equal to 0.17 carats.

“There are people who invested in 2011 at $1,900 an ounce and now [gold] is worth less than $1,300 an ounce. They are sitting on losses and don’t want to sell. Now they can spend and get some liquidity,” Ed Pearce, managing director of IMGold, told FT.com.

The interest rate on the exclusive card, available later this year, is expected to be below 10%.

Holders may think twice about handing this credit card to a waiter.

RTERCU

www.intelagencies.com

www.scamsfakes.com

Henry Sapiecha