Police are issuing warnings of an increase in cases of credit card fraud in the coming holidays. This should be no surprise to anyone. Considering the increased consumer spending during the holidays, it makes sense that credit card fraudsters would take advantage of the increased credit card transaction traffic to try and make their fraudulent transactions go through.
Credit card fraud is a major problem for both consumers and business owners. It contributes to huge losses which add up to millions of dollars per year, the police says. To curtail the damage done by credit card fraud, the police urge business owners and their employees to heighten their awareness of credit card fraudsters and to make sure to examine very well the credit cards that they receive.
There are a number of techniques that businesses can use to avoid being victimized by credit card fraud this holiday season. First, it is important for the person who receives the card to examine it very carefully by feeling it and examining it well. The first number on the card indicates what type of credit card It is. A 4 indicates that it is a VISA card. A 5 indicates that it is a MasterCard. A 3 and a 6 indicates that it is an American Express and a Discovery card respectively.
The embossed numbers and letters on the credit card should be very clear and sharp looking. People who counterfeit credit cards sometimes flatten the original numbers and letters of a credit card and emboss new ones that correspond to that of a stolen credit card information. They would also have transferred this information in the magnetic strip of the card. Oftentimes, the newly imprinted numbers and letters will look faded and jagged.
Credit cards also come with a holographic image. In authentic credit cards, the holographic image cannot be peeled off. Some counterfeit credit cards feature holographic images which can actually be peeled off.
It is also possible to check for any tampering by checking the backside of the card. If, by running a finger across the back, the card's backside is lumpy, the card has been tampered with. The signing strip is also an important feature to check on a credit card. The signing strip should be checked for any indications that a previous name has been erased and then replaced with another name. Signing strips will usually reveal this easily and a few will show the word VOID if tampered in such a way.
When swiping the credit card, it is necessary to type in the last four digits on the credit card. This is to confirm that the number on the credit card matches the number stored in the card's magnetic strip. Any discrepancies indicates a fake credit card. It is also possible to check for this information from the cash receipt. If the numbers do not match, then the credit card is a counterfeit.