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Fraud
Recently the following news story appeared in the papers. Two things stood out: the hacker was a former banker, and the device he used to clone cards. In banking fraud, insiders who know the system's weak points can build schemes customers never notice.
Credit Card
Credit card fraud is generally committed using the card itself, using card details without the card, via excess or duplicate withdrawals, or by seizing identity information. ATM card trapping is common, since ATMs hold the card during the transaction.
Merchant & POS
Banks check merchants against a termination list before issuing a POS device. Learn the main reasons, such as counterfeit card acceptance, excessive chargebacks, and fraud, that can lead a bank to terminate a merchant agreement.
Debit Card
The main difference between embossed debit cards and standard debit cards is that the card number, cardholder name, and expiration date are printed in raised, embossed format rather than flat.
Online & Authorization
EMV stands for Europay, Mastercard and Visa. In 1994 these companies formed a working group to set chip-card standards, leading to the EMV standards used worldwide today.
Credit Card
CVV (CVC) and CVV2 (CVC2) are two terms that cardholders often confuse. Both are used for verification in card transactions, but there are notable differences between them, such as where each is printed and which transactions use it.
From My Readers
I occasionally receive questions from my readers, and I answer them by email or through other channels. Since others may have similar questions, I will publish these questions on my site along with the answers. Hello Mr. Arif, I read your articles from time to time and...
Credit Card
Germany-based Deutsche Bank is launching a new credit card in Spain with a dynamic CVV code that changes every four hours, to make online shopping more secure. Deutsche Bank partnered with Mastercard and Idemia for the new card, launched under the Tarjeta Calma brand.
Online & Authorization
The Application Transaction Counter is the number of transactions made with the card so far. It increases by 1 with each transaction and can also be used as a transaction number, making transactions easier to track.
Security
A CP transaction refers to a card transaction in which the card and cardholder are physically present at the location. Card Present transactions occur when the card's magnetic stripe or chip data is read by a POS terminal or ATM, or via contactless.
Security
These are passwords generated for one-time use and sent to the cardholder's phone to verify card transactions in payment systems. The password sent during a 3D Secure transaction is a common example.
Contactless
It is important to use contactless cards to prepare our payment habits for the future. In Turkey, one in every 3 cards and one in every 4 POS terminals is contactless-enabled, yet usage remains around 5%.