Greg Pierce asked:




Online credit card fraud is a term used for the theft and illegal use of credit cards. It is a very rampant case all around the world today. In fact, the Government of the United States of America has lost $315 billion dollars last 2005 from credit card theft alone. And in the year 2006, nearly 22 million consumers fell victim to credit card fraud.

Phishing – This is a widely used method by criminals. This term refers to the distribution of fake emails by the criminal through the Internet. The email would usually let the victim fill-up a form with his personal details, including the name and PIN number of the credit card. In this manner, the criminal gets the information and uses it to purchase goods or any items.

Pharming – This technique has only been discovered recently. This is one of the most dangerous among the three. The process involves the tampering with the domain name resolution process on the Internet. By hijacking or corrupting a Domain Name System (DNS), a user types the URL of a website he wants to visit without the knowledge that he will be redirected to a fake site. Unaware with what is happening, the user may just type in his bank account or card details making them a victim of Pharming.

Skimming – This is another process which involves using a device to copy the encoding data of a credit card. The device is usually inserted to an ATM machine and used as a card reader. This process is not so common these days anymore.

Actions- If you suspect that you have been a victim of a credit card fraud or theft, it is very important that you take actions as soon as possible. The very first thing you need to do if your card has been stolen or is lost is to go to your card issuer and report what happened.

After you have reported the incident, if no result has been given to you by the credit card issuer it would be better if you would follow up the case through phone calls and letters. If you are to send the letter, it should contain the details of your case like the date the card went missing, the date you reported it as lost or fraud and other details about your card.

Being able to know the different tactics that scammers and thefts use to gain access to your credit cards is very important for you to be able to avoid from becoming a victim of this rising fraud often common in the internet.

Tyrone

Dr. Knox Grandison asked:




With the dawn of credit cards as a payment method, the way conventional business is conducted has undergone a remarkable change. With the majority of business houses accepting credit cards to receive payments today, the business has become fast and the money transactions are completed in a matter of seconds. Today, many people prefer cards over other methods of payment because it is fast and offers great convenience. The regular use of cards for making payments has given rise to the concept of Plastic Money.

Traditional card terminals are immobile and, if you are in a door-to-door selling business, it could be difficult for you to receive card payment as it is impossible for you to carry the bulky card terminal everywhere you go. This lack of mobility of the terminals can result in loss of sale for you as the customer may back away if payment option via card is not available.

All you need to do to avoid this is accept cards online with iPhone App. You can install a credit card processing application in your iPhone. This application would convert your phone into a mobile virtual terminal and enable you to receive payment through cards at any place and anytime. With this application you can accept visa or master card payments by verifying and entering the card details such as the amount of transaction, the card number, the verification code and the expiry date of the card. Entering the details would process the transaction within a matter of a few seconds. Also, the application gives you immediate feedback whether the transaction is completed successfully or if the transaction denied. Apart from having the application to accept cards online you need to set-up a merchant account with any one of the payment gateways.

While selling door-to-door, you may come across a situation where your client would be skeptical of providing you their card details when you are entering the details in your phone. However, you can assure your client that their details would remain safe and the details are not stored in your iPhone. You can assure them that the application transmits your details directly to the secure payment gateway

The advantages of accepting cards online with a credit card processing Application:

1. One of the biggest advantages of accepting credit cards online with the application is that it instills a sense of trust and confidence among your clients.
2. It will boost your sales. Many people avoid buying online if there is no option of payment through credit card. Thus, if you provide your client the option of paying through credit card, they will be tempted to buy from you.
3. It gives your clients the liberty to purchase many things at a time.

Mike