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Common Card Frauds Individuals and Business Should Watch out for in 2023

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Card fraud is a serious threat that can affect individuals as well as businesses. In order to protect yourself from falling victim to card fraud, it’s important to be aware of the various types of fraud that can occur and to take steps to prevent them. Here are some common card frauds that individuals should watch out for in 2023:

Skimming: This is a type of card fraud that involves the use of a device that is attached to a card reader, such as an ATM or gas pump. The device captures the card information and personal identification number (PIN) of the user, which is then used to make unauthorized transactions.

Card-not-present fraud: This type of fraud occurs when a thief uses stolen card information to make online or phone purchases without having the physical card present. This can be particularly difficult to detect, as the transaction is not taking place in person.

Card cloning: This is a type of card fraud that involves creating a duplicate of a legitimate card using stolen card information. The thief can then use the cloned card to make purchases or withdraw cash from ATMs.

Card trapping: This is a type of card fraud that involves the thief physically trapping the card inside a card reader, such as an ATM. The thief then waits for the victim to enter their PIN and removes the card, using the stolen information to make unauthorized transactions.

Card-present fraud: This type of fraud occurs when a thief physically has access to the card and is able to make transactions using the card and stolen card information. This can happen when a card is lost or stolen, or when a thief is able to steal the card information through means such as shoulder surfing or skimming.

To protect yourself from these types of card fraud, it’s important to keep a close eye on your card usage and to report any suspicious activity to your bank or card issuer immediately. You can also implement additional security measures such as using chip and pin technology and creating strong passwords for online purchases. By staying vigilant and taking steps to protect your card information, you can help prevent card fraud from occurring.