Credit card frauds

Date: March 31, 2004
Source: Computer Crime Research Center
By: Ludmila Goroshko

Last year, a total turnover in cards market of one of the largest payment systems increased by 86% and amounted to $2,6 billion in Ukraine. Trade turnover reached $114 million, however cards share only 5% of this ammount. In Poland this share is about 16%, and it makes up to 11% in Russia. More than 30 thousand stores In Ukraine accept plastic cards. That was the first time when growth of the turnover of Visa cards has exceeded significantly increase of cards' emission. This proves that Ukrainian cards market has reached a certain level of maturity. At 2003 year-end, Ukraine ranks third in Central and Eastern Europe and CIS by number of emitted cards and followed Poland (9,7 million cards), Russia (9,3 million).

At the same time, credit card frauds multiply along with the growth of their number. In Ukraine about 40% of all illegal money withdrawal is carried out using forged payment cards. Frauds with stolen cards cover 35% of these illegal operations.

Each credit card holder knows that he/she should keep his/her personal data safe (pin code), should never give or show it to anyone, must cherish the card like the apple of his/her eye.

As it turns out, even a simple withdrawal in the ATM may come to a sad end. Therefore, it is better to know tricks of credit card fraudsters.

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