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Thread: Online fraud

  1. #1
    Junior Member cheekn is on a distinguished road
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    Online fraud

    WOW!

    I just came across an article that said "total loss from online fraud more than doubled last year to $560 mil". That is a huge number compared to a year ago, what is going on? I remember a few years back when credit card fraud (carding more specific with stolen CC's) was a big deal, how did it just double in a year?

  2. #2
    Junior Member Ponch is on a distinguished road
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    Re: Online fraud

    More people use the internet every day and that means more shopping and more chances to be ripped off. I'm not surprised at all. There are schemers out there everywhere.

  3. #3
    Member munchkin is on a distinguished road
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    I've heard that scammers have computer programs that just generate endless card numbers until they find ones that are valid. Then the crooks can use the good numbers to make online purchases.

  4. #4
    Member blingbling is on a distinguished road
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    It is way too easy to get scammed online because there a million and one different ways for it to be done. It's harder to catch the criminal thanks to the anonymity of the 'Net.

  5. #5
    Junior Member billf12 is on a distinguished road
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    Internet con artists can also manipulate the card numbers somehow to actually push through purchases on expired card numbers. This happened to me. It took all summer to get it straightened out with the bank.

  6. #6
    Member canyel is on a distinguished road
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    We had a local story about a month ago talking about people being targets at gas stations with credit card readers that were grabbing their info while they paid at the pump using a debit/credit card. Talk about scary, I thought I lived in a pretty small town with little crime.

  7. #7
    Administrator chargebacks has disabled reputation
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    I use to believe the scammers were getting smarter, then I realized the truth is people were getting dumber and more so fraud managers were unable to understand fraud patterns. The sad part is the number does not represent the true cost of fraud, the reality is that fraud managers are blocking more and more good orders, turning away valid consumers and then accepting more and more fraud. They are justifying this by thinking they are keeping fraud rates low but when you save 50 basis points on fraud by turning away 30% of good orders, you are doing something wrong. To make matters worse, when encountering fraud, bypassing regulations by simply refunding the order before it becomes an actual chargeback.


    I was at a fraud conference and managers from some of the largest websites were there. The night before I tried to place an order on a ticket website and even tough I had used the service, same account for over two years, this order got declined for an avs mismatch and after two tries, the card was blocked. When I brought it up to the head of fraud for this major website, he said they don't do that. When I showed him the screenshot, he was dumbfounded. The fact is, fraud managers today haven't a clue and more so, people in general are becoming so inept to regular fraud patterns, all in it becomes a recipe for disaster.

  8. #8
    Junior Member debtfree_way2b is on a distinguished road
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    Quote Originally Posted by canyel View Post
    We had a local story about a month ago talking about people being targets at gas stations with credit card readers that were grabbing their info while they paid at the pump using a debit/credit card. Talk about scary, I thought I lived in a pretty small town with little crime.
    We had a local story similar to this as well, only instead of gas stations, it was fast food restaurants. The employee working the drive-through would swipe a person's card through the "real" charge machine and then swipe it through their own machine, to store the credit card number for later use. I can't remember how long it went on before the person was caught, but it just goes to show how careful you have to be with your credit cards! Now, I never let mine out of my sight, so I never use drive-throughs anymore.

  9. #9
    Administrator chargebacks has disabled reputation
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    Quote Originally Posted by debtfree_way2b View Post
    We had a local story similar to this as well, only instead of gas stations, it was fast food restaurants. The employee working the drive-through would swipe a person's card through the "real" charge machine and then swipe it through their own machine, to store the credit card number for later use. I can't remember how long it went on before the person was caught, but it just goes to show how careful you have to be with your credit cards! Now, I never let mine out of my sight, so I never use drive-throughs anymore.
    Not really an example of scam. If someone was selling you a coke and their intention was to take your card data, that would be an example of a scam. This situation is more theft. I think people really go over board, while it's good to be cautious, the reality is that anyone who wants to take your information is going to take it and what you are doing is simply preventing the scammers who are idiots from taking it but the reality is 99.9% of card breaches happen on the network side and that means the only way to prevent the theft of that data is simply not to have a credit card. Keep in mind you are also protected against fraud so while an annoyance, I find it a bigger frustration to worry about it. Bottom line is, don't worry so much because most of the time when data is stolen, there wasn't much you could do to prevent it.

  10. #10
    Member canyel is on a distinguished road
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    Then I think we all as a whole (managers and lowers included) need to be better educated to avoid this. I can understand turning away possible legit charges but what happens at say Defcon, the largest hacking con of them all (maybe HOPE to follow for some random newbies). How can you protect yourself while not getting snagged in the mix?

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