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It is a wide- ranging term for theft andfraud committed using a credit card or
any similar payment mechanism as a
fraudulent source of funds in atransaction.
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Theft of the Card
Counterfeiting
Phishing
Credit Card Generating
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It is physically stolen from your and animpostor pretends to be you to obtain
goods and services.
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It is also called as skimming. Anemployee of a shop puts your card into
an electronic skimming device and
steals your card details before returningyour card.
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A phisher may send to the cardholder an e-mail that looks as if it comes from the credit
card, asking him to log onto a web page
(which purports to be the credit cardcompanys site but is actually set up by the
phisher) and enter passwords, account
numbers and other personal information.
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Criminals use the numbers the credit cardgenerator creates and either test them to
see which ones are valid or use a printer to
make fake cards.T
hey then find a placethat accepts credit cards but has no
capacity to immediately validate them.
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When your credit card gets into thehands of a dishonest employee of an
establishment while he is processing the
payment of your bill.
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When you provide the account information
through mail, phone or internet vendors
and unauthorized persons gain access to
it.
When you respond to a fraudulent e-mail
or input the information on a phony
website.
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Whenever merchants database is
breached, or hacked into, and your
account information together with those of
thousands of other peoples are taken.
When your account information is
purchased from a person who stole the
said information from you.
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Credit Card
Account Number
3-Dimensional
Hologram
Bank Identification
number
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Card Verification
Code/Value
Magnetic Stripe
Signature Panel
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It is the 16-digit embossed number on thefront of the card. It should appear clear,
clean and uniform and should always match
card number printed on the sales receipt.
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It is the four numbers below the 16 digitembossed account number. If the first
four numbers of the 16- digit account
number and this number do not match,the card is counterfeit.
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It should reflect light and seem to changewhen you rotate the card.
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It is the last three digits on the signaturepanel of the credit card. This number is
always asked when doing online payment
transaction. If the number is given to thevendor incorrectly or is not available, the
merchant may not process your order.
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A stripe of magnetic information that isaffixed to the back of the credit card. This
stripe contains customer and account
information that is required to completeelectronic financial transactions.
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It is where your signature is affixed. A cardis not valid unless this is signed.
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YES!
R.A. No. 8484
Subsection X320.9,MORB; Subsection4337Q.9,MORNBFI
Subsection X320.13,MORB; Subsection
4301N.13 and Subsection4337Q.13,MORNBFI
Item No. 5 ofAppendix 70 of theMORB on Complaint
Resolution
Annex D, Item No.1,of Appendix 70 of theMORB on Disclosure
Requirements
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It requires credit card issuers to provide adetailed explanation and a clear
illustration of the manner by which all
charges and fees are computed.
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Require credit card companies tomaintain confidentiality of information of
cardholder although with exceptions.
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Require credit card issuers to givecardholders at least 20 calendar days from
statement date to examine charges posted
on his/her statement and inform the credit
card companies in writing of any billing error
or discrepancy.
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Provides that banks may receive customer
complaint either through an electronic medium or
otherwise, concerning an unauthorized transaction,
loss or theft in its e- banking account. Banks should
ensure that controls are in place to review these
notifications and that an investigation is initiated asrequired. Banks should also establish procedures to
resolve disputes arising from the use of e- banking
products and services.
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Requires that at a minimum, there bedisclosure of information on who will be liable
for unauthorized or fraudulent transactions to
protect consumers and inform them of their
rights and responsibilities.
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Sign your credit cards as soon as youreceive them.
Keep an eye on your credit card everytime you use it. Make sure you get it back
as quickly as possible.
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Dont give out your account number
over the phone unless you initiate the call
and you know the company is reputable.
Never respond to scam e- mailsrequesting your credit card details. Dont
respond to e- mails that ask you to go to a
website to verify personal and credit card
information.
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Never enter your credit card information
on a non- secured website. Secured
websites will have a URL of https instead
of http and will display a padlock icon in
the bottom right corner of the web browser.
Open credit card bills promptly and
make sure there are no unauthorized
charges. If there are any, report
immediately to the credit card issuer.
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Make sure you shred old receipts andbilling statements and destroy cards
properly.
Never sign a blank credit card receipt.
Never lend a credit card to anyone else.
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Call the 24- hour hotline of your bank
immediately and report if card is lost or
stolen. Write down the reference number,date and time of call.
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AC 202August 12, 2011
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