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Do Credit Card Frauds Get Caught?

 


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Investigations usually takes a long time to finalize; before Credit Card frauds gets caught. Let's take for example an employee working for a professional bank; who secretly authorise "stolen credit cards" or leak opportunistic clues to criminals.

Here's Where You (Report Credit Card Fraud In South Africa)

Credit card fraudsters are not as dumb as you may believe. They may target specific customers and cleverly exploit certain vulnerabilities; of a banking system.

By employing an inside person to exposing all kinds of corporate secrets. Although the employer doesn't physically temper with accounts, to directly incriminate themselves.

They may keep a low-profile; while disloyally leak clues to syndicates for a small cut.

How Do Credit Card Thieves Get Caught?

Say the employer hide his/her malicious conduct by secretly expose most suitable targets for identity theft.

It may take months for the Bank to detect an inside person, who secretly expose sensitive customer records; to their syndicate partners.

This may help season criminals to more cleverly position their "credit card frauds" under the radar of detection for extended periods of time.

Say for instance; some banks don't call to verify big amounts with high-profile business-customers, or they use dedicated smartphone apps for quick service.

Considering the fact that key-clients are big spenders and busy people who seldom answer phone calls. Hence they keep them happy by including smartphone applications to bank more conveniently.

Now let's assume the criminals didn't know this, until they recruited an inside person to their network. This weakness are introduced and they take advantage of it.

Which sadly resort into the hundreds of billing disputes from victimized customers; showing clear signs a fraud storm.

Ironically they occurred in their busiest timeframes of the month or year; which clearly shows a fraudulent patterns. And these accounts was activated by real customers, and hides the identities of criminals.

Do Police Investigate Credit Card Theft?

  1. Now they have to investigate the entire process from beginning up to current. The real customer profiles, user ID used to register them, the times, and the access cards that were on shift.
  2. Then they can compare the credit card authorisation periods with the transactions. To define is it card-not-present , card-present or Banking App transfers.
  3. They have to examine the merchants where the crimes occurred, or the accounts money were transfered to. Are they legit accounts or registered merchants.
  4. The Internet Providers used by the criminals, the device ID's, delivery addresses and the minutest details of the transactions.
  5. Now they have to investigate the genuine customer's whereabouts, registered devices, location information, etc. Watch CCTV footages of their branches, to put a face on the customers who opened the affected accounts.
  6. Then secretly watch, monitor and follow the alleged criminals (without their knowledge). This happens over an extended period of time; to uncover the rest of their syndicate devices and operations.
  7. Attempt to catch the people involved red-handed, or off-guard. To build an even stronger case, without creating fugitives then further resort to interrogation.
  8. The company's fraud department will work closely with police, compile evidence of all the potential suspects.The cost to the bank are carefully calculated:

    All the odds are diligently considered: Like for instance the financial depth of the crime and also the cost of legal action.

    Minor offenses may cost the company more than the actual loss. So the most suitable penalty in this regard may be a fine to recover losses, refund customers or/and lastly legal action.

    Even criminals have rights too; so they take all the merits into account, before jumping into any conclusions.

    Bigger offenses can potentially lead to prison sentences, hefty fines, or both. The worst part of getting criminally dismissed or convicted; is the fact that it destroys your chances of recovering professionally.

    You may never be able to work for another professional company for the rest of your life. So the actual consequences are hidden in your future development, or hopes for rehabilitation.

    How Long Is Jail Time For Credit Card Theft?

    Realistically every criminal case are uniquely measured against the extend of the crime.

    If someone is charged for a Credit Card fraud (serious criminal offense), under federal law. It may be punishable by imprisonment for a term exceeding one year, or as much as 15 minimum, or up to to 25 years, perhaps even longer.

    • Let's assume the criminal defrauded a company, people, or the government. They captured millions of dollars; in cloned credit cards and tax related crimes.
    • They also carry the burden of several different related charges. And the judge describe them as career-criminals and a major threat for the private sector.
    • Keeping in mind; the tax evasion strategies, hidden profiles, networking syndicates, assets bought with the stolen money.
    In Summary:

    Credit card fraud may be punishable by court orders for seizure of assets, hefty fines or ultimately jail time.

    The potential of being judged as a national threat; due to counterfeit unauthorised or authorised credit account crimes are also heavily stacked against you.

    Credit card frauds are not always committed by a loners, or syndicate group with large fangs. Sometimes the person leaking information or opportunistic weaknesses are employed by the bank.

    The charges are also measured according the depth of the deception and the reach of the scheme. Although it always ends in a fine or criminal charges.

    It also depends how many cases the criminal is charged for. Examples such as: Exposure of company secrets, violations of corporate oaths, forgery, theft, identity theft, cloned credit, counterfeit software and fake card manufacturing equipment.