What is a Credit Card Clone?
A credit card clone is a duplicate of a real credit card, created with malicious intent. Criminals use credit card cloning to access the victim’s account and steal their money. It is also known as “small-value fraud”.
How do Criminals Clone Credit Cards?
Credit card cloning is the process of using specialized equipment to obtain card information such as the cardholder’s name, expiration date, and security code. The information is then used to make a counterfeit version of the card, which can then be used to make fraudulent purchases.
What are the Risks of Credit Card Cloning?
The primary risk of credit card cloning is the potential for financial loss for the victim.The criminal can charge purchases to the victim’s account, draining funds and damaging the victim’s credit. In addition, the criminal can access sensitive personal information from the cloned card and use it to commit identity theft and other fraudulent activities.
How to Prevent Credit Card Cloning?
• Always be aware of your credit card and keep an eye on your account statements.
• Protect your credit card information when shopping online or over the phone.
• Do not share your credit card number or other personal details with anyone.
• Keep your credit card away from RFID readers and any devices with a skimmer.
• Be wary of accepting shoulder taps from strangers.
• If you suspect any fraudulent activity, contact your bank immediately.
Credit card cloning is a serious crime that can cause significant financial harm. Taking the appropriate precautions and staying alert can help you avoid becoming a victim of credit card cloning.