Greeting MESH(ers) for Youths are dying out of so called ONLINE Works, let us not confuse the likes of Remo, Fiverr etc and Cardi.

Have prepared this thread for educational purpose only. #JengaMesherNaAdvice

Carding Fraud:

Carding fraud is a type of credit card fraud where criminals use stolen or illegally obtained credit card information to make purchases or transactions, often buying gift cards or high-value items that can be resold for cash. Here's a breakdown based on the information available up to November 18, 2024:

How It Works:

• Data Acquisition: Carders obtain credit card details through various means like data breaches, phishing, skimming devices, or purchasing stolen data from the dark web.
• Validation: Using bots or manual attempts, they test these card details by making small transactions on e-commerce platforms to check if the cards are still active (not reported lost or stolen).
• Use: Once verified, the card details are used to buy gift cards, which are then used or resold. This step often involves buying items that don't require registration, like electronics, which can be sold for cash.

Methods Used by Carders:

• Phishing: Sending fraudulent emails or creating deceptive websites to trick people into giving up their card details.
• Skimming: Using devices attached to ATMs or POS systems to capture card information during transactions.
• Card Cracking/BIN Attacks: Generating card numbers based on known BIN (Bank Identification Number) patterns and guessing the rest via automated tools.
• Distributed Guessing Attacks: Attempting card numbers across multiple sites to find valid ones.

Impact:

• Victims: Both cardholders and merchants are affected. Cardholders might face unauthorized charges, while merchants deal with chargebacks, financial losses, and reputational damage.
• Economy: Carding contributes to billions in losses annually, affecting the trust in digital transactions.

Prevention: Technological Measures: - CVV and AVS: Card Verification Value and Address Verification System help in verifying the card's authenticity and the cardholder's identity. - CAPTCHA: To prevent bots from conducting carding attacks by requiring human interaction to proceed with transactions. - Multi-Factor Authentication (MFA): Adding layers of security to verify the user's identity beyond just card details.

Monitoring and Analytics: - Transaction Monitoring: Using AI and machine learning to detect unusual patterns in transaction behavior. - IP Geolocation Checks: Ensuring the IP location matches the billing information or flagging suspicious discrepancies.

Business Practices: - Setting Minimum Transaction Amounts: To discourage testing with small amounts. - Rate Limiting: Limiting the number of transactions or attempts from a single IP within a short period.

• Legal and Ethical Implications:

  • Carding is illegal, with severe penalties including imprisonment. The forums and platforms used for carding often operate under the radar or on the dark web, complicating law enforcement efforts.

• Public Awareness:

  • Educating the public about not sharing card information, checking for secure site indicators like HTTPS, being wary of phishing attempts, and regularly reviewing bank statements for unauthorized transactions.

Given the evolving nature of carding fraud, staying informed about new methods of attack and prevention is crucial for both individuals and businesses. If you're looking into protecting yourself or your business from carding fraud, consider integrating robust security protocols, staying updated with the latest cybersecurity trends, and perhaps employing services that specialize in fraud detection and prevention.