Credit Card Frauds

Credit card fraud is the theft and fraud committed using credit cards. Although, credit card frauds are now limited to about 0.1% of all card transactions. But this has resulted in huge financial losses as the fraudulent transactions have been large value transactions. That means 1 in 1000 transactions can turn out to be fraudulent. Even with tremendous volume and value increase in credit card transactions, over the years these proportions have stayed the same or have decreased due to sophisticated fraud detection and prevention systems. But still many methods are used to steal money from credit cards including, identity theft, skimming devices, BIN attacks, checker etc.