Credit card skimming causes a problem of international proportions, which accounts for losses of over one billion dollars a year.Althought is more commonly used in Europe, Asia and Latin America, this particular type of credit card scam is starting to be used in the United States.
When you try to purchase something in a store, this type of credit card scam can be accomplished when you give your card to a store employee to scan at the register.That store employee may also be swiping your card with a small machine known as a skimmer as well as using it to pay for your purchase; this skimmer takes your information from your card and stores it in this machine’s system to use fraudulently.This skimmer is equipped to hold information on virtually hundreds of credit cards, and from this information the crooks are able to produce counterfeit credit or debit cards.
There are credit card skimming rings working everywhere in the world, and after your information is put into the skimmer it is downloaded into a computer and then it can be emailed to any location in the world.Only a decade ago, this fraud was not as easy to accomplish as it is today, because the skimming machines were very large and they had to be hidden under the store’s counters.The advances in technology in the past ten years, have made it possible to streamline the skimmer and make it small enough to be hand-held and out of sight of the unknowing customer.It is very unfortunate that these skimmers are actually available to be purchased over the internet for around three hundred dollars, however the machine that is used to produce the counterfeit cards costs anywhere from five thousand to ten thousand dollars.
This type of credit card skimming scam is done in another way; the credit card information is pulled directly out of the card terminals by inserting a skimmer bug and later taking it out with the credit card information on it.The older terminals are the only ones which can be violated in this way, however, the onset of new credit card terminals has alleviated much of this bugging.
After the credit card scam artists have secured the needed information on your credit card account, they will quickly go on their shopping sprees and charge it to your credit card number.Credit card fraud over the internet has increased greatly with the popularity of online shopping, because the credit card information can easily fall into the wrong hands through the web sites used. The cards validity is checked by the information thieves through their purchase of several low cost items from various websites to find out if the card is actually an active one.
The cardholder is one victim of this crime and is responsible for up to fifty dollars on the total amount charged on his card, however, the major victim in all of this is the merchant whose employee did the skimming.The merchant is responsible for payment of the fees for the investigation and he also is held one hundred percent responsible for the skimming activity and risks the loss of the merchandise. Investigation fees paid by consumers and businesses recently amounted to an estimated half-billion dollars in annual revenue for credit card companies; this money is used by the card companies to offset costs of investigating charge back claims by their customers.
Those who do this type of skimming scam operation know that a purchase of at least $2000 must be made before a criminal investigation can begin.
Visit JSNet.org for more information on credit cards and various credit card articles on how to protect your credit cards from fraud.
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