Credit Card Frauds

• Minimum repayment • Annual/renewal fees • Charges for issue, add-on cards, cheque return,

cash withdrawal, delayed payment, etc. • Interest rates on payment due • Loyalty points or rewards programme • Cashback, if any After you have applied for a card, the credit card issuer will look at your income, credit history and the documents you have provided in your application to determine whether you are a high- or low-risk applicant. Essentially, they are looking for signs that you have the ability to repay the money you borrow.

There are many kinds of credit card fraud, and they change ever so frequently since new technologies enable novel cyber crimes. In the main, there are two main categories of such frauds. They are:

a) Card-not-present (CnP) frauds: This is the most common kind of fraud. This occurs when the cardholder’s information is stolen and used illegally without the physical presence of the card. This kind of fraud usually occurs online, and may be the result of so-called ‘phishing’ emails sent by fraudsters impersonating credible institutions to steal personal or financial information via a contaminated link.