What is Carding?
Carding refers to credit card fraud where a stolen credit cards is used for charging prepaid cards. The theft of a credit card can lead to the holder of the card buying store-branded gift certificates, which can then either be sold or used to buy other goods that can be traded for cash. Card thieves are credit card fraudsters who are involved in this type.
Because the United States is a major target for credit card fraud, it has a large market where credit card and debit card use are common. Also, because the cards used have either a magnetic stripe, or a chip-and-signature technology rather than the chip/personal identification number (PIN), technology found in most European countries, the United States is a significant target.
How carding works
Hackers typically gain access to a website’s credit card processing systems. The hacker then obtains a list or credit cards or debit cards that have been used recently to make a purchase. Hackers could exploit security flaws in credit card account protection technology and software. They could also use scanners to copy the code from magnetic strips and obtain credit card information.
Carding refers to credit card fraud where a stolen credit cards is used for charging prepaid cards.
Credit card information might also be compromised by accessing the account holder’s other personal information, such as bank accounts the hacker has already gained entry to, targeting the information at its source. The hacker then sells the credit and debit card numbers to a third-party, a carder, who uses the stolen information for a gift card purchase.
Most credit card companies offer cardholders protection from charges made if a credit or debit card is reported stolen, but by the time the cards are canceled, the carder has often made a purchase. These gift cards can be used to buy high-value goods such as computers, cell phones, and televisions. The cardholder may purchase a gift card from an electronics retailer like Amazon. They might use a third-party to receive the goods, and then ship them to another location. This reduces the risk that the carder will be noticed. Websites that offer anonymity may allow the carder to sell the goods.
Credit cards can be canceled quickly after they are lost. Carding involves checking the card information to make sure it is still working. This could involve sending purchase requests online.
Carding refers to the illegal and trafficked use of credit cards. To cover up the tracks, stolen credit cards and credit card numbers can be used to purchase prepaid gift cards. Other activities include the exploitation of personal information and money laundering
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