Types of Electronic Fraud

Last updated 3 October 2020
Types of Electronic Fraud

Classic Fraud

This type of fraud is generally committed by novice fraudsters. Stolen credit card data is bought on the dark web. Proxies are often used to hide the international IP address as the buyer appears from a country other than the one he lives in.

Three-Party Fraud

This type of fraud includes three parties: fraudster, shopper, and online store. An online store page is created by the fraudster, similar to another store page such as eBay or Amazon. And sells goods at extremely low prices. The fake store collects payments for the merchandise it sells. And then the fraudster uses another stolen credit card data and the names he collected from his fake store to buy the products from the original website. Then ship them to the customers who purchased them on that fake website.

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Account Acquisition

This happens when fraudsters obtain someone’s login data, and make use of the credit cards stored on their account to purchase goods. Usually, an update of the shipping address occurs shortly before purchase so that the fraudster can obtain the stolen goods.

Stolen Credit Cards Test

It is the practice of testing the validity of a credit card number, with plans to use the valid data on another fraud website. Fraudsters target websites that give different messages for each type of error. For example, when a credit card is declined because the expiration date is incorrect, the site sends a message saying that the expiration date is not correct. And then informs the fraudster that he only has to find the expiration date. And that the other data provided is correct.

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