A New Credit Card Fraud That Will Render Credit Cards Useless For Telephone Orders

A New Credit Card Fraud That Will Render Credit Cards Useless For Telephone Orders

A new and unbelievably easy type of credit card fraudster is coming to the attention of retailers who take telephone orders with credit cards. The credit card companies like VISA, AMEX, Barclaycard Etc unbelievably do not check the name on the front of a credit cards when processing card information. This easy check is open to unscrupulous fraudsters and the banks simply pass the cost of fraud over to retailers.

Here is a example on how easy it is: You purchase a television for example (or other expensive item) over the telephone from a retailer with YOUR credit card giving the correct card number, address the card is registered to and CV2 (3 numbers on back of card), BUT give a different name to that which is on the front of the credit card you would be able to commit the following fraud without any problems or consequence from the card issuer, bank or police.

Simply wait for the television to arrive, then wait for your credit card statement to come through and then dispute the transaction saying you did not order anything from that retailer. The credit card company will check the transaction and see a different name to that which is on the front of the credit card face and instantly think it is fraudulent. They then issue a chargeback to the retailer. The merchant will always pick up the tab for your free television. If you had 5 or 6 credit cards from different banks your would be able to commit this fraud once on each card and easily get away with it.

This is a ideal fraud for someone who is only going to be moving to different addresses because the banks have no system in place to combat it and they simply can not keep tabs on the different addresses you have moved on to. There is no way of stopping this growing fraud other than the banks putting a better system in place, i.e checking the name on the front of a card when precessing would be a start! ! !

Even big credit card companies like Visa have no procedures for this type of fraud. They even market themselves as ultra safe, But for who, the fraudsters??? Here is what visa sate: "Visa provides the Verified by Visa service to add an additional layer of security to your transactions. Verified by Visa protects your card against unauthorised use. Look out for the Verified by Visa logo on your favourite websites.". I would like to add to their statement " But the basics like checking the card name we will not implement and we have no procedures in place for checking persistent fraudsters"

So Remember Kids, here is how the banks let you get away with it:

1) choose a expensive item to purchase from a retailer who excepts cards over the phone

2) purchase the item with your own credit card(s)

3) give all the correct information CC including number, CV2, your address etc

4) give a false name when purchasing to that which is on your credit card

5) wait for your new stolen item to arrive at your house

6) wait for your credit card statement

7) ring up your bank and say you did not order anything from the retailer

8) The bank will instantly give you your money back because the name is inconsistant with your cards stated name.

9) Enjoy your stolen (bank endorsed) item with complete confidence there will be no come back

10) move to a different address and do the same process over again.

Arab Islamic Bank in Irbid has Multi V Systems, the latest commercial air conditioning innovation from LG air conditioning

Multi V Systems, the latest commercial air conditioning innovation from LG Electronics, to be installed at the Arab Islamic Bank in Irbid, according to an agreement recently signed by Shami & Hyari Engineering & Contracting Co., the complex construction company, and Al-Asalah Electromechanics Co, LG commercial air conditioning agent in Jordan. This fruitful cooperation is part of LG's strategy to expand in the central air conditioning market, especially in systems that better serve the commercial sector, in addition to its keenness to provide products of latest techniques and the highest international quality standards.

GM of Al-Asalah Co., Mr. Issam Samara, and Eng. Ammar Shami, representing Shami & Hyari Co., signed the agreement in presence of the Marketing and Sales Manager, Mr. Hammam Al-Mubaiad, and the Engineering Department Manager, Eng. Iyad Al-Haj from Al-Asalah.

During the signing ceremony, Mr. Samara extended his gratitude to the project's contractors, Al Shami & Hyari Construction Co., the project's consultants, Dumiati and Sha'sha'a engineering office, and to the Arab Islamic Bank. He further pledged to offer better after sale services, through Al-Asalah technical and engineering team who regularly follow up on LG HVAC systems.

LG MULTI V air conditioning systems are perfect for high-rise buildings- up to 100m- with a flair for style. LG MULTI V ART COOLTM inverter is one of the world's largest-capacity units, amounting 64 horse power per unit; it boosts an ultra-efficient VRF system, and the highest level of customer satisfaction with four external units and high quality compressors running by "Inverter" technique which reduces electricity consumption.

This system is also marked for its flexible design, it can operate 64 interior units of different sizes and shapes; not to forget to mention the smooth performance, various operation speeds, the quality air purifying filters and air conditioning switches to maintain the optimum room temperature during the most challenging season changes that can reach to 54c degree in summer and 20c in winter.