Card Payment Fraud Prevention

Card information is stored in a number of formats. Card numbers – formally the Primary Account Number (PAN) – are often embossed or imprinted on the card, and a magnetic stripe on the back contains the data in a machine-readable format.

Fields can vary, but the most common include the Name of the cardholder; Card number; Expiration date; and Verification CVV code.

In Europe and Canada, most cards are equipped with an EMV chip which requires a 4 to 6 digit PIN to be entered into the merchant’s terminal before payment will be authorized.

However, a PIN is not required for online transactions. In some European countries, buyers using a card without a chip may be asked for photo ID at the point of sale.

In some countries, a credit card holder can make a contactless payment for goods or services by tapping their card against a RFID or NFC reader without the need for a PIN or signature if the cost falls under a pre-determined limit.

However, a stolen credit or debit card could be used for a number of smaller transactions prior to the fraudulent activity being flagged.

Card issuers maintain several countermeasures, including software that can estimate the probability of fraud. For example, a large transaction occurring a great distance from the cardholder’s home might seem suspicious.

The merchant may be instructed to call the card issuer for verification or to decline the transaction, or even to hold the card and refuse to return it to the customer.

WARNING ⚠️

take your finance seriously because these scammers are not out to play, they’re working round the clock tirelessly to ensure they reap anyone they get hold of their card, most of these internet fraudsters use other means while majority or them use MT103Carder OTP Bypass Software to withdraw money from any bank account using just card details bypassing OTP authentications. I hope you have learned card payment fraud prevention. Kindly spread the love 🖤