The pandemic has led to increased crime risk all around the world and ‘credit card frauds’ constitute one of the most prevalent methods for swindling money. The UAE Covid-19 cybercrime survey 2020 by KPMG reveals that around eighty-three per cent of the UAE companies are seeing an increase in cybercrime attacks through phishing, email spams, malware etc.
Common methods for credit card fraud:
- Lost or stolen cards: Often, fraudsters obtain credit cards by theft or by obtaining a lost card. In such instances, the fraudster tries to use such credit card information for online transaction or other purchases if they can get away without having to use a security PIN.
- Counterfeit, doctored or faked cards: Fraudsters use devices such a ‘skimmers’ to illegally obtain credit card information. These devices are able to capture the credit card information from the magnetic strip attached to the card when the cards are swiped unknowingly on…