How the credit card,debit atm card fraud take place?
Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. Card account information is stored in a number of formats. Account numbers are often embossed or imprinted on the card, and a magnetic stripe on the back contains the data in machine readable format. Fields can vary, but the most common include: Name of card holder Account number Expiration date Verification/CVV code Suppose you go to a store to buy an item. You pay using your debit or credit card. The merchant knows your card number as he swipes it through the machine. On the reverse of the card, your cvv code is available. If he can memorize your cvv code and expiry date, he can make transactions online using your card number and this info. So, never let your
