Card Present fraud occurs when a customer’s details, such as card numbers, are stolen when the physical card is used for payment. Common targets for CP fraud are restaurants, retail stores and ATMs. There are many different methods of CP fraud, which we can help you be aware of to protect your business and your customers.
On the other hand, Card Not Present fraud occurs when the cardholder is not physically present during payment. This includes transactions made online, via mail order, over the phone or by fax.
These kinds of transactions are more prone to fraud because:
We can help you understand the different methods of CNP fraud, so you take the right steps to protect your business and customers from an attack.
With Internet shopping becoming commonplace, more and more people are entering their card details online. Keystroke or key logging is the process of noting the order of keys struck on a keyboard. This is typically done in such a manner that the person using the keyboard is unaware the fraud has happened.
Phishing is when fraudsters send emails at random, pretending to be a genuine company such as a bank, in an attempt to trick customers to give up sensitive information. These emails usually claim that the cardholder must update or verify their usernames and password, leading them to a fake website.
Even when using server authentication, you may need tremendous skill to detect that a phishing website is fake.
If a fraudster gathers enough information about a victim, they may be able to assume their identity and gain access to their credit or debit account. By masquerading as the genuine cardholder, the criminal can arrange for funds to be transferred out of the account. Or they can change their address and ask for new or replacement cards to be sent.
Malware covers a wide range of online methods of fraud, including the use of fake webpages, computer viruses, unsolicited emails or the spread of infected software. The fraudster may create a fake webpage and copy your payment page to capture your customers’ passwords, financial information or other personal details.