Credit Card Fraud Detection for Online Transactions

"Credit card fraud - Alive & Well in Australia"

Unfortunately credit card fraud is a fact-of-life for all merchants who accept credit card payments as part of their business operation. With the increasing transition to online merchandising via the Internet, online credit card fraud is a serious issue. A business requires a sound order-confirmation-system if you want to avoid getting 'ripped-off', being subject to bank 'charge-backs' and/or constantly arranging refunds for fraudulent transactions.

Fortunately there is a simple 1-2-3 Step process that will almost guarantee you of success in avoiding being the victim of online credit card fraud. In almost a decade of accepting credit cards online, our company has avoided falling prey to the credit card scammers (even though we average 2 - 10 fraudulent attempts per month).

Our Method of avoiding online credit card fraud

1. Confirm ALL orders via email, and request telephone and street address details
2. Do not accept transactions from web-based email addresses, eg. Hotmail, Yahoo, Gmail, etc. press your 'customer' for their ISP email account, eg. name@bigpond.com, name@ozemail.com.au, etc.
3. Contact your bank's merchant support people if you have the slightest doubt about a transaction, they are there to help you and would much rather have you seek their assistance prior to your initiating a 'mini-disaster'.

Australian credit card fraud statistics
The following information is taken from the Australian Institute of Criminology and summarises credit card fraud cases reported in 2003 and refers to ALL credit card fraud, not just online transactions (more info from AIC). As you will see below, less than half of credit card merchants even bother to do any verification.



Manual fraud prevention techiques, similar to our 3 Step Plan above, are VERY effective, but you must apply them to all transactions that are not from a trusted customer. Manual screening of orders prior to sending the goods can save you aggravation, financial loss, etc.

Things to be suspicious of
Some major 'warning signs' to be aware of are...

• overseas orders from new sources
• postal box address for shipping of goods
• a billing address that is different from the shipping address
• free web-based email addresses
• mobile phone numbers instead of a landline telephone
• orders from African nations and Eastern Europe
• orders comprising large numbers of duplicate items (they may be sold on)
• orders with any 'urgency conditions' eg. "Must be shipped with 24 hours..."
  (intended to have you ship a large, expensive order without confirmation)

The last resort!
If you are still uneasy about a particular online credit card order, simply advise the client to make payment by any of the following means:

• visiting a bank and physically arranging a standard bank transfer
  (for an overseas order, you will need to obtain your banks 'SWIFT' number)
• deposit money via an Internet banking transfer
• pay by Money Order within Australia
• a bank cheque from an Australian customer
• a personal cheque (make sure you wait until clearance before sending the goods)
• pay by a Western Union money transfer for overseas customers

The advantage of these payment methods is a guarantee that you will not be subject to a bank or credit card company doing a charge-back and reclaiming the money. Should a customer query your reason for not accepting the credit card supplied, just say very nicely that your company has been advised to adopt this policy due the the high incidence of credit card fraud (blame your bank, accountant, solicitor, whomever... ;-)

Please feel free to contact the writer should you require additional information on any aspect of doing business online:
Contact: John Crago
Telephone: 1800 108 122
Mobile: 0428 324 804
Skype ID: johncrago

Poor Credit Loans

If you are a homeowner, mortgage payer or tenant with a bad credit rating and want to take out a loan, it makes sense to consult a finance broker or apply directly with a lender who specialises in loans for people with adverse credit, CCJs, defaults, arrears, discharged bankrupts and people who are self employed. A broker will search the major banks and finance houses in the UK to find a poor credit loan deal that's right for you. By not being tied to any particular bank or lender, you'll receive impartial advice on what is available and what is right for you. No matter what your circumstances, they'll search the market to find the best bad credit loan rates for you. Perhaps you have been turned down or refused a personal loan because of bad credit history, or have been told you have a low credit score because of past debt problems, or maybe you're having difficulty getting a loan because you are self employed. Whatever your situation there are lenders who can help and its important to shop around as loan rates vary immensely from lender to lender.  A specialist finance broker has access to the UK's top unsecured and secured loans for people with a poor credit rating and can save you time and money by doing all the shopping around for you, ensuring you don't miss out on the cheapest rates. They will be familiar with specialist lenders you may not be aware of and will search the entire market on your behalf to find the best deal to suit your particular circumstances. Whether you require a loan to consolidate debts, buy a car, pay for a holiday, home improvements or a wedding, help is available to get the finance you require. A homeowner loan allows you to borrow any sum between £3,000 and £100,000 over a repayment from 5 years up to 25 years. In certain circumstances, larger amounts up to £250,000 can be arranged. If you are looking to consolidate your existing debts into one simple monthly payment, you might be surprised just how much you could save with a secured loan or a remortgage.

"Start your search for a credit card for summer"

Whilst many people may be planning to cut back on their spending this coming summer there are many that will be planning trips abroad or within the UK. For many parents the six week summer holiday is one that can be very costly, and keeping the kids entertained can be surprisingly expensive. Many parents decide to use a credit card to pay for a holiday for the family to go abroad, enjoy a holiday in the UK, or just arrange a variety of day trips throughout the six week summer holiday.
However, with summer only around the corner now it is advisable for those that are planning to use their credit cards to make purchases or pay for trips over the holiday to start their search as soon as possible. The earlier you start looking for a suitable credit card the better your chances of finding the one that is perfect for your needs. It is also a good way to ensure that you have time to think of a backup plan in the event that you are turned down for the credit card that you apply for.
Many people may find that their best option is an interest free purchase credit card, where it is possible to make purchases on the card in the summer and then enjoy a lengthy period of interest free credit within which to repay the balance. Some cards offer very generous interest free credit periods, which means that the consumer has far more time to repay what has been spent without being charged a penny in interest.
Of course, there are some people that will be looking at repaying whatever they spend within the standard interest free period that credit cards offer, which is normally 56 days. If this is the case then you may find that a rewards based card such as a cash back credit card is the best option, as you can earn a little something back for the money that you spend on the card but will not be paying any interest because you are repaying the balance within the interest free period.
Looking for a suitable credit card as early as possible will help to ensure that those planning to use the credit card over the summer do not have to panic at the last minute about how they will finance their purchases and keep the kids entertained over the holidays, and can plan out the summer far more easily.

Credit card fraud keeps growing on the Net

To understand the world of credit card fraud, you must first learn an entirely new language. Words like "skimming," "shoulder surfing" and "phishing" may sound less criminal than "stealing," but they are, in fact, ways in which money can be stolen off your credit card.
And though there are no definitive global figures on losses from credit card fraud - most financial institutions are tight-lipped on the subject - an FBI report from 2005 indicated that credit cards represented the majority of the total $315 billion U.S. financial fraud loss for that year, while a recent European study found that more than 22 million adults fell victim to credit card scams in 2006. Figures from the Banque de France, the country's central bank, showed a credit card fraud loss of €236 million, or $319 million, for 2005.
Equally disturbing are crimes affecting online banking, which until recently, because of security concerns, was the fastest growing activity on the Internet, with three-quarters of Europeans banking online and 38 percent of U.S. adults.
"There were zero online banking fraud losses in 2003 in the U.K," Smith said. In 2006, £33.5 million, or $66.4 million, was lost. A U.S. survey by the market research group Gartner in 2004, the latest figures available, reported that nearly two million Americans had their checking accounts raided with an average loss of $1,200 per incident, or total losses of more than $2 billion for the year. Most incidents were attributed to online banking.
"The numbers are, quite frankly, staggering," said Francis Ravez, secretary general of the European Security Transport Association, a nonprofit organization that represents cash-industry logistics businesses, which conducted the credit card study in Europe. "The cost of fraud is enormous, and it is only going to get worse if proper security is not put in place."
The latest figures from Apacs, the British trade body that represents payment institutions like banks and card issuers, reveals exactly how deceptive crooks have become in executing "card-not-present," or CNP fraud - purchases by phone, the Internet or via mail order.
Although overall credit card fraud in Britain fell by 3 percent from 2005 to 2006, to £428 million, CNP fraud increased by 16 percent in 2006 to £212.6 million - almost half of all plastic losses due to fraud. The decrease in overall fraud is entirely due to the introduction of a security measure in 2006 called "Chip and Pin," which requires cardholders to identify themselves at the point of sale through a personal identification number, or PIN.
"The increase in Internet fraud could be expected when you look at how many more businesses are accepting online transactions," said Jemma Smith, a spokeswoman for Apacs. Twenty-five million people in Britain alone now shop online, she said. "The problem is that the criminals are targeting the customers more than the technology. It is not about hacking into computers as much as it is about tricking users into revealing their card or account details.
"That is why opening an unsolicited e-mail is like opening the front door of your home to a stranger," Smith said.
As far as banks and credit card companies are concerned, online theft is the same as its equivalent in the physical world: If someone steals your card information, the bank or card issuer will normally cover most or all of unauthorized charges. That is why many card issuers are putting new security measures in place. "Verified by Visa" is a free service where your purchases are protected with participating online merchants by a password, as is MasterCard's new SecureCode service.
Card companies are hoping the extra layer of security will reduce some of the more popular types of identity theft, both online and off, that fraudsters are now employing:
Skimming describes the process in which a device is used to copy the magnetic stripe encoding off of a card - one reason card holders are cautioned against using ATM machines that look unusual.

UASC sign a term loan facility of USD 140 million with Gulf Bank, Kuwait

United Arab Shipping Company (UASC) announced concluding a bilateral transaction of USD 140 million as a senior term loan facility with Gulf Bank, Kuwait.
The proceeds from this transaction will be invested in UASC’s growth and network expansion plans as a leading container shipping line on the Asia – Middle East – Europe trade as well as in other markets on various North – South trades. The funds will also contribute to the enhancement of the Company’s operational initiatives associated with the growing fleet capacity and the equipping of UASC’s new A13 class vessels with Waste Heat Recovery Systems, thus achieving a considerable reduction in the carbon footprint of UASC’s ships.
The Chairman of the Board of Directors at UASC - Othman Ibrahim Al-Issa commented: “The closing of this facility further fosters the strong and long term cooperation with Gulf Bank, Kuwait and marks a significant step in solidifying UASC’s financial strategy”.
Jorn Hinge, President and Chief Executive Officer at UASC, commented on the transaction: “We are moving ahead firmly and steadily with UASC’s expansion plans, and this transaction further affirms the continued confidence invested in UASC’s solid foundation and strong future prospects by leading banks from the GCC such as Gulf Bank, Kuwait”.
Basil Al-Zaid, Chief Financial and Technical Officer at UASC, added: “This transaction signals yet another milestone in our financial strategy, and is in alignment with UASC’s ambitious growth plans. Our continued collaboration with Gulf Bank, Kuwait, reflects the strategic alliance between our establishments and emphasises their trust in UASC’s sound performance”.
Khaled Al Mutawa General Manager International Banking & Investments   from Gulf Bank, Kuwait added: “We share UASC’s vision and ambition and our close collaboration has equally helped us grow our business in the shipping sector.“

Don’t Get Caught With Google Adsense Click Fraud

Many web site owners are getting their Google Adsense account terminated when they have done nothing wrong to deserve the punishment. Considering the money that they are getting from Adsense, they would certainly want to get back into it.
Considering the money to be made with Adsense, it is no wonder that they would want to get back into it.
It is that same consideration why the Google Adsense click fraud is thought of and why many people are getting into it.
Click fraud is the act of clicking on ads for the purpose of costing the advertiser money. It is simply the same as paying out cash for false leads. Many people website owners are aware of this fraud and are sharing the same sentiment that this is the one big problem that Adsense is facing.
How do you prevent being involved in this fraud?
Majority of web hosts are offering access logs. Once this is offered to you, it is necessary that you hand it over to Google as well. This allows them to look for any suspicious activity on your site. Problems like this are very serious and giving it to them is saying that you would want to help them in any way you can in solving the problem.
It can also help if you have a click monitoring software. If you do not have one yet, you should try and get one. There is absolutely no major factor preventing you from having one because most of this software is free.
As usual, all the information you have received should be turned over to Google. This is showing Google that you too are fighting against click frauds and is in no way a part of it.
Study your server logs and watch for any activity that seems suspicious. Report anything that you may find odd, may it big or small thing.
You may want to consider disabling ads for your own IP address and local geographic area. This will certainly prevent accidents and will not make Google mistake another user as you. You can do through a htaccess file. This will avoid Google mistaking as clicking on your own ads and be kicked out because of it.
Keep your Adsense off on pop ups and pop unders. Your ads should not be displayed on content sites that promote illegal activity or tampering of the legal rights of other people or business. Included in this are the content that is considered adult and gambling ones. If you think that you may be breaking this rule, immediately remove your content or Adsense from the web page.

Be truthful and confess up to Google about times when you might have clicked on your own as, whether accidentally or intentionally. Or the times when you have done something that is against the Terms of Service that they are implementing. Be honest about anything that you may have done that is wrong. Confessing is way better than Google learning about it eventually. It would mean eventual termination and no getting back what you have worked so hard for.
Do not tell your family or friends about Adsense on your website. Chances are they may start clicking on them to help you make money without you knowing it. They may be doing more harm to you than help by trying it in the first place.
If ever someone you know chanced upon your Adsense, make sure they understand that they cannot click on your ads under any circumstances. It would be wise to brief them on important things about Adsense and what not to do with them.
Most pay per click networks have different measures in hand to protect website owners against click frauds. Other search engines can track more than 50 data points, IP address, browser’s information, user’s session info and pattern recognition. They also have “systems” available that detects fraud. Not to mention the specialized teams monitoring how things are going and helping advertisers stop click frauds.
Google offers suggestion on how to avoid click fraud. Using “negative keywords” can be used to keep your Adsense showing on products and services that are in no way related to yours. Adding tracking URLs to your links so you can track the traffic coming from Google.
Do not be caught in the Google click fraud. Be aware and be wary.

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