EASY WAY TO PREVENT CREDIT CARD RIPOFF FRAUD

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

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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.

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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.”

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

COIN & CASH USAGE DOWN & CREDIT CARD USAGE UP

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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.

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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.

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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.

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RUSSIAN BANK NEGLECTS TO READ CREDIT CARD CONTRACT SIGNED BY CLIENT & IT COST THEM DEARLY

IS THIS LEGAL OR WHAT IN THE WAY A CLIENT OUTSMARTED THE RUSSIAN BANK..?? COURT JUDGE SAYS YES IT IS & AWARDED THE CLIENT

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Mr Argarkov’s version of the contract contained a zero per cent interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3 million roubles.

It has to be the best credit card scam ever – and it worked.

When Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking.

But he didn’t throw the contract away or shred it. Instead, the 42-year-old from Voronezh, Russia, scanned it into his computer, altered the terms and sent it back to Tinkoff Credit Systems.

Mr Argarkov’s version of the contract contained a zero per cent interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3 million roubles ($A100,000). If Tinkoff tried to cancel the contract, it would have to pay him 6 million roubles.

Tinkoff apparently failed to read the amendments, signed the contract and sent Mr Argakov a credit card.

RUI

“The Bank confirmed its agreement to the client’s terms and sent him a credit card and a copy of the approved application form,” his lawyer Dmitry Mikhalevich told the Kommersant newspaper.

“The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law.”

However, Tinkoff attempted to close the account due to overdue payments.

It sued Mr Argakov for 45,000 roubles for fees and charges that were not in his altered version of the contract. This week a Russian judge ruled in Mr Argakov’s favour.

Tinkoff had signed the contract and was legally bound to it. Mr Argakov was only ordered to pay an outstanding balance of 19,000 roubles ($A641).

“They signed the documents without looking. They said what usually their borrowers say in court: ‘We have not read it’,” said Mr Mikhalevich.

But now Mr Argakov has taken matters one step further. He is suing Tinkoff for 24 million roubles for not honouring the contract and breaking the agreement.

Tinkoff has launched its own legal action, accusing Mr Argakov of fraud.

Oleg Tinkov, founder of the bank, tweeted: “Our lawyers think he is going to get not 24m, but really 4 years in prison for fraud. Now it’s a matter of principle for @tcsbanktwitter.”

The court will review Mr Argakov’s case next month.

Daily Telegraph, London

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MULTI MILLION DOLLARS CREDIT CARDS FRAUDS ON LINE

CREDIT CARD FRAUD ON THE HIGH SIDE WHILE OTHER SCAMS ARE SOARING

Fraud involving Australian credit cards, debit cards and cheques reached $285 million in June this year, down from a peak of $302 million in December.

Credit cards still dominate the statistics, accounting for $263 million, or 97 per cent, of all fraud in the 2011-12 financial year. Debit cards accounted for 3 per cent and cheques just 0.05 per cent.
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This credit card figure includes an estimated $30 million taken over two years by a Romania-based crime ring that was only recently exposed. That syndicate had access to 500,000 Australian credit cards and about 30,000 credit cards were exploited, the Australian Federal Police said when the ring was smashed last month.
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About 15.6¢ out of every $1000 transaction during the year was fraudulent, just a fraction of the $1.8 trillion spent through cards and cheques in total, according to the Australian Payments Clearing Association [APCA].

Transactions that do not require the customers’ presence, such as online, telephone and mail shopping, are the most susceptible and the increasing rate of online shopping is likely to push fraud statistics higher in coming years.

‘‘As people take to online shopping enthusiastically…that is a more challenging fraud environment because you do not know who you are dealing with and you do not know who is watching. That is an ongoing challenge for the entire industry,’’ chief executive of the APCA, Chris Hamilton, said.

However, the average amount stolen during a fraudulent credit card transaction has dropped from $365 to $225 because criminals are ‘‘testing’’ their methods and trying to hide among normal transactions, he added.

About $14 million was stolen using debit cards that require a personal identification number [PIN]. This is down from a peak of $27.9 million in 2009-10 when Australia was targeted by international criminal groups skimming ATMs and eftpos machines. Since the group was busted machines have been updated and more Australian cards fitted with micro-chips that are harder to copy than magnetic strips.  But criminals have found new techniques with debit card fraud rising to $7.7 million between December 2011 and June 2012, compared to $5.2 million in the previous six months.

‘‘We understand there has been an increase in skimming activity at ATMs, in petrol stations and in taxis. Consumers can help stay safe by keeping their card in sight when making payments and always covering their hand when entering their PIN at point-of-sale terminals and ATMs,’’ Mr Hamilton said.

Banks and credit unions usually reimburse card holders, providing the customer is not at fault.

Cheque fraud declined to $7.9 million in 2011-12 from a peak of $18 million in 2010 as fewer people use cheque books. However, it is more damaging with fraud reaching an average value of $11,000.

‘‘The guys who used to be experts at cheque fraud are finding it harder and harder to do that, they are gradually going out of business. So I suspect what you are seeing are the last few people who are trying to engage in cheque fraud going after larger and larger values,’’ Mr Hamilton said
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USA HOUSING MARKET.SO CHEAP NOW U CAN BUY WITH YOUR CREDIT CARD.SO WHAT ARE U WAITING FOR.GET THE FREE PROPERTY REPORT NOW HERE.

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HACKERS GET INTO CREDIT CARDS OF COSMETIC COMPANY

Customers warned

as hackers target

cosmetics retailer

Megan Levy
February 15, 2011

Thousands of online shoppers who recently purchased items from the popular cosmetics group Lush have been warned to contact their banks after the company’s Australian and New Zealand website was targeted by hackers.

Lush has taken down its website this morning and replaced it with a statement warning that customers’ personal details, including credit card numbers, may have been compromised.

‘‘We urgently advise customers who have placed an online order with Lush Australia and New Zealand to contact their bank to discuss if cancelling their credit cards is advisable,’’ the company’s website says.

It follows a similar attack on the UK branch of the handmade cosmetics company last month, during which anyone who placed an online order between 4 October and 20 January was exposed to the privacy breach.

Following that attack, many Lush customers reported that their cards had been used fraudulently.

In today’s statement, Lush said the Australian and New Zealand websites were not linked to the Lush UK website, but had been separately targeted.

‘‘As a precautionary matter we have removed access to our website while we carry out further security checks,’’ the statement says.

‘‘Lush is working with the police, forensic investigators and banks and doing all that we can to investigate the breach in privacy.

‘‘We are currently in the process of contacting each of our online customers individually by email.’’

The security breach has not affected customers who used the mail order phone line, the statement says.

‘‘Again, we would like to say that we are truly sorry and thank all our customers for standing shoulder to shoulder with us during this difficult time,’’ the website says.

Lush has previously been praised by green campaigners for not using animal fats in its products, as well as its stance against animal testing. Tests are performed on human volunteers instead.

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APPLY FOR A NEW CHEAP CREDIT CARD HERE

The structure of this system here will enable you to apply for a credit card on line compare the rates being offered  and get an approval the same day.

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