HOW DOES PAYMENT CARD FRAUD HAPPEN?
There are many and varied ways that a fraudster could obtain your payment card details, to steal money from you or your organisation:
ATM fraud
A fraudster fits a device or camera to a cash machine to capture your card details and PIN number or the card itself. The stolen card or card information is then used to withdraw money or to make purchases in a shop, online or over the phone.
Card ID theft
When a criminal uses a fraudulently obtained card or card details, together with stolen personal information, to open or take over a card account in someone else's name.
Counterfeit card
A criminal can counterfeit your bank card, by taking a photograph of the card details or using a device to read the data embedded in the card’s magnetic strip. The stolen card details can then be used to make purchases in countries where chip and pin is not supported; or where the card does not have to be physically presented to make a purchase.
Internal fraud
You lend your card or card details to a colleague, who then makes unauthorised cash withdrawals or purchases, or shares the card details with a criminal.
Lost or stolen card fraud
You lose your payment card or it is stolen, and a criminal uses it before you are able to report the loss or theft of the card. Also, new or replacement cards could be stolen, if you have moved address recently and not had your mail redirected.