Identity Theft Credit Card Fraud

Study finds thieves using credit card chargeback policies against online merchants

Nine out of ten online merchants leave themselves vulnerable to credit card fraud, according to the results of a survey conducted by SignatureLink and CardNotPresent.com. In a statement to reporters, SignatureLink CEO Greg Wooten noted that only 10 percent of websites surveyed require shoppers to accept terms and conditions using voice consent, e-signature, or physical [...]

Categories: Identity Theft / Credit Card Fraud
FTC closes fake platinum credit card operation

Marketers behind the "Platinum Trust Card" and the "Express Platinum Card" can never sell credit cards or make cold calls again, according to the Federal Trade Commission. According to FTC officials, a Philadelphia company operating under the names Apogee One Enterprises and Marquee Marketing used telemarketing services to pitch platinum credit cards that they claimed [...]

Categories: Identity Theft / Credit Card Fraud
Skimming threatens debit card users, while fraud strikes 1 percent of credit card transactions

Twice as many credit card fraud cases involve phone or online transactions than retail sales, according to new data from FICO. However, researchers found that sophisticated counterfeit rings have raised the stakes for merchants over the most recent twenty month survey period. Researchers reported an increase in "skimming," a technique where criminals tamper with ATMs and [...]

Categories: Identity Theft / Credit Card Fraud
Be on the lookout for summertime credit card scammers

The Federal Trade Commission and the Consumer Financial Protection Bureau both issued warnings in recent weeks about bogus credit card consolidation companies. According to consumer tips to the bureau, callers claiming association with the CFPB ask their targets for credit card numbers for the purpose of verifying accounts. Likewise, the FTC reports an uptick in [...]

Categories: Identity Theft / Credit Card Fraud
Smartphone users have more payment fraud but detect it faster

Credit card industry analysts who fear mobile payment technologies will increase fraud aren't seeing the big picture, according to Javelin Strategy & Research founder Jim Van Dyke. In a post to Javelin's corporate blog, Van Dyke drew from his company's research to show two ways consumers can look at payment fraud data. On one hand, Javelin's [...]

Categories: Identity Theft / Credit Card Fraud
FBI seizes web domains in stolen credit card crackdown

FBI and Justice Department investigators seized three dozen domain names from websites that sell stolen credit card numbers, according to officials. Operation Wreaking hAVoC targeted sites that offered access to compromised accounts for between $2 and $100 per card number. Capital One, SunTrust and Bank of America representatives assisted investigators by confirming the validity of [...]

Categories: Identity Theft / Credit Card Fraud
Credit card thieves test account numbers on campaign website

Identity theft victims don't often complain about their stolen credit cards being used for political campaign donations. That's why staffers for Connecticut Congressman Chris Murphy's re-election committee responded quickly to reports of fraudulent credit card charges on the campaign's website. Murphy and his staff posted an apology to their website, explaining that about 20 fraudulent [...]

Categories: Identity Theft / Credit Card Fraud
1.5M Visa, MasterCard accounts at risk in Global Payments data breach

Visa and MasterCard officials revealed that more than 1.5 million credit card accounts could have been exposed during a data breach in the first quarter of 2012. Both payment platform providers notified member banks about potential exposure at a third-party payment processing network. Wall Street Journal reporters confirmed the breach with representatives at Global Payments, [...]

Categories: Identity Theft / Credit Card Fraud
Verizon researchers claim 97 percent of data breaches could have been prevented

Credit card numbers, email addresses, and passwords were just some of the 174 million compromised records the Verizon RISK Team studied for their annual review of the nation's data security. Cybercriminals rarely have to rely on an "inside man," since 98 percent of the security incidents Verizon studied generated from external sources. Instead, Verizon's security [...]

Categories: Identity Theft / Credit Card Fraud
Identity thieves, debt collectors top list of FTC complaints in 2011

Debt collectors racked up twice as many consumer complaints as credit card issuers in 2011, according to statistics compiled by the Federal Trade Commission. Yet, analysts awarded this year's top spot in the annual complaint roundup to identity thieves. The FTC's annual report on consumer disputes includes records of 279,156 identity theft issues, amounting to [...]

Categories: Identity Theft / Credit Card Fraud
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