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8 Types Of Credit Card Frauds To Know

In my previous article, I talked about why we need to embrace online payments as an option. In this article, I want to talk about eight major types of credit card fraud that we should know when it comes to making payments online. Follow me as we are going to look at that together in this article.

Now the frauds…

#1 Credit Card Mail-Order Fraud

Here, the offender gathers information about a cardholder and sends a request to the bank for a new or a replacement card on behalf of the cardholder.

#2 Skimming / Counterfeit Card Fraud

Electronically copying authentic data on a card’s magnetic stripe to another card without the genuine cardholder’s consent.

#3 Chargeback fraud

A Genuine cardholder uses the card to purchase goods and services, and when the bank statements are issued, they call the bank and claim that they never authorised the transaction.

#4 Lost and Stolen Card fraud

The card is physically stolen or lost and then used by the offender to make online payments or perform any other transaction.

#5 Card Not Present (CNP) Fraud

An offender obtains credit card details and then purchases goods and services over the internet or by telephone, fax or email.

#6 Cash Machine Fraud

The offender tampers with a cash machine and then tricks the user into entering the pin in their presence.

#7 Shoulder Surfing

The offender oversees the card user when he is entering his card information. This is with the sole purpose of using the card for an online transaction later on. 

#8 Identity Theft

The offender uses fraudulently obtained the personal information of a credit card holder to access credit card accounts. 

Amazing Facts About Credit Card Payments

These days, we will notice that almost everyone is looking for ways of making things easy for themselves. Because of the fact that we are not ready to stress ourselves, it has led to a situation where individual all over has embraced online payments as a means of reducing the need to carry cash about. This has made online payments become so popular. In this article, I want to look at some of the amazing facts about credit card payments. Follow me as we are going to look at that together in this article. 


First and foremost, credit cards are still the preferred means for online purchases because of the ease of use and the ability to pay the bills at a later date.


Credit cards are issued by a credit-issuing bank or credit union after verifying the user’s credentials. Also, the card user always agrees to pay the card issuer the amount used in making the purchase of the card. 


The cardholder indicates consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal Identification Number (PIN) or Card Verification Value (CVV) among other requirements. 



Action Point
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on an individual and corporate level, I will be delighted to do that because I have trained several individuals and groups and they are doing well in their various fields of endeavour. Some of those that I have trained include staffs of Dangote Refinery, FCMB, Zenith Bank, and New Horizons Nigeria among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training. 

I know you might agree with some of the points that I have raised in this article. You might not agree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.


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