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.

Banks Group investing £20m into wind farms

NORTH East mining and renewable company the Banks Group is to invest more than £20m in two new wind farm developments as it increases its profile in the green sector.

Banks Renewables, part of the Banks Group, secured the largest investment in the renewables market the Co-operative Bank has made to date for the two Yorkshire schemes.

And Banks is now looking at the same project finance model to fund a number of similar projects as it continues its drive to establish itself as a major player in the UK onshore renewables market.

The Durham-based company, which has an annual turnover of £60m, employs around 360 people and operates in the renewable energy, mining and property markets, expects the two schemes to start in the autumn.

Neil Brown, group commercial director at the Banks Group, says: “Securing the largest investment that the Co-operative Bank has ever made in the renewables industry not only represents a validation of the strength of the UK market, but also of the business model that Banks Renewables is following in this area.

“We are committed to becoming one of the UK’s leading owner/operators of onshore wind farms, and the investment model that we have used to secure this funding could provide the template for a portfolio of future sites that we are currently progressing across the north of England and Scotland.”

The three-turbine Hazlehead wind farm is situated on formerly derelict brownfield land to the west of Barnsley, while the Marr scheme comprises four turbines and is located five miles to the west of Doncaster.


When fully operational, the schemes will produce up to 14.4mw of renewable energy between them, enough to meet the annual power requirements of up to 9,000 homes.