Information Center – News and Articles about Credit Cards
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Credit Card Applications: Credit Fraudsters Attacks in the Third World Countries
Credit cards are spreading all over the world with the speed of light. Americans and Europeans have become, so to say, advanced users already. However, even they are not protected from credit card fraudsters' attacks. Every day thousands of credit cards numbers get hacked by identity thieves.
As for the Third World countries, cashless payment systems there are in the making. But even more perplexing appears to be the fact that credit fraud tactics over there are sometimes more sophisticated than here, in our country. How come? Credit card scam outpaces credit card industry development?
Just recently Indian police have caught an immigrant from Malaysia red-handed in using a forged credit card. He tried to use it paying for purchases in M Block Market in Greater Kailash, New Delhi, India. The police reported that 37-year-old Tseng Tak Weik came to New Delhi to buy a watch worth of Rs 88,000 (that is approximately $ 2,216). When he tried to make a money transaction with a fake HSBC Bank card, a store's ATM did not accept the plastic and the bank put it on alert.
The store's owner called the police right away. The police came within 10 minutes and detained the fraudster until the circumstanced are clarified. Having searched Tseng Tak Weik, they found a Malaysian passport and 5 more forged credit cards of HSBC Bank, Citibank credit cards, and Standard Charted Bank in his pockets.
After the investigation was carried out the police found out that the citizen of Malaysia had already made several purchases in India with this fake HSBC credit card successfully.
Reportedly, Tseng worked at Kuala Lumpur's burger shop, in Malaysia, but itch for money brought him to New Delhi. There he joined a criminal group that used fake credit cards, which were forged in Malaysia. So, Tseng Tak Weik was also the gang's mediator and supplier.
Actually, it was not the first incident of the kind. This spring the police department of the South district of New Delhi put under arrest 2 Malaysian citizens that used 20 forged credit cards. It is quite obvious to the police that there is a connection between these two cases. At the moment New Delhi's investigation department is conducting the cases and trying to catch criminals.
On the one hand, the fact of credit card fraud existence in the countries, where credit card industry is in embryo, indicates that cashless money transactions system keeps on developing. On the other hand, credit card-related financial crimes can hold back the progress.
Credit card scammers carry out their criminal activities all over the world. The methods they use become more and more refined. Though here, in America we have been using credit cards for over 50 years, we still cannot eliminate illegal credit card use and criminal credit practices once and forever.
But still credit card companies keep on inventing new ways of their clients' protection. Credit fraudsters are unstoppable in their tricks and traps. And every new preventive measure will meet several catches and new scams. But you can sleep a peaceful sleep. Your credit card issuer is always on your side and will not let credit scammers hurt you and damage your credit history.
Most credit tips say that the sooner you pay off your credit card balance - the less money you will lose on interest. On-time payments will favorably bound back on your credit score and payment history. This kind of advice is what we all are used to hear and read on the Web, in financial magazines, in tips columns. But does this financial behavior model really have a positive effect on your FICO score and credit report?
How can it be questioned, you ask? A perfectly disciplined plastic owner that pays off his or her balance before a lender could say Jack Robinson. Is not it any creditor's dream? No, it is not always so. Let's find out why a lender would want a different behavior model from a borrower and when this kind of paying down debts can weigh heavily against a cardholder.
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There are a number of embarrassing situations that are just a nightmare for cardholder. Feel no wallet in your pocket just before the cash register? See some unauthorized charges in your credit report? Loose you wallet with all your plastics in it? Very soon we are going to have no fear of these things, thanks to amazing technical progress.
Indivos Corp. which majors in computer hardware and software development has been working on an electronic system for making payments over a number of years. The thing about this system is that it enables transactions to be made by scanning customers' fingertips. A number of retailers have already expressed interest in testing the new system.
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Active credit card use is a sign of a society with well-developed market relationships. More and more people get involved in buying goods and services with plastics. Using virtual funds to make real purchases is very convenient. But this extended buying power has led Americans to a dangerous trend. Over 40% of American households, according to the USA Federal Reserve statistics, spend more money than they make.
In the average, every American of these 40% spends $1.2 per every $1 he or she earns. Plastics have changed people's spending habits. These plastic devices allow and encourage people to spend more and more money. Around 18% of all purchases made by Americans involve credit card use. About 24% of the purchases are made with other types of plastics.
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If you are determined to eliminate your credit card debts and you have good credit, getting a balance transfer card is a good idea. You can shift your credit card balances with high interest rate to a card with much lower rate or 0% APR at all. But there is one thing that can reduce your profit from this kind of a deal. It is balance transfer fee.
Most balance transfer cards come with a fee for a transfer. Not long ago you could easily find a plastic for balance transfers with no fee. However, due to the credit card market crisis and economy slowdown, lenders have pulled these deals from the market. And now it is rather hard for a customer to find a balance transfer card that comes with no fee. But there are some ways to negotiate a better balance transfer deal.
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