#QuickBiteCompliance Day 44
The Power of a Cardholder and Why We Must Protect It
Have you ever seen a bank card? The person whose name is on that card is called the Cardholder. They are the ones allowed to use it to buy things or take money out of an account. Sounds simple, right?
But here’s the problem: some “bad guys” (fraudsters) try to use cardholder information to steal money or do financial crimes. Let me explain how:
1️⃣ Stealing Card Details: Fraudsters might use tricks like fake websites or phishing emails to steal a cardholder’s number, PIN, or other information.
2️⃣ Cloning Cards: Using stolen data, they create fake copies of cards to shop or withdraw cash.
3️⃣ Friendly Fraud: Sometimes, people who are allowed to use the card misuse it without permission, like buying expensive stuff secretly.
4️⃣ Selling Data on the Dark Web: Once they have your card info, bad guys might sell it online to others who will use it illegally.
For example, a fraudster could steal a cardholder’s details and spend money on things like electronics or vacations—leaving the real cardholder to deal with the mess.
This is why protecting your card is SO important! Never share your PIN, keep an eye on your bank statements, and only shop on trusted websites.
Let’s make sure fraudsters don’t win. Stay alert and protect your financial future!
#FinancialCrime #CardholderSafety #StopFraud #ProtectYourCard #CyberSafety #StayAlert #FightFinancialCrime #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
