Professor
Professional
- Messages
- 213
- Reaction score
- 22
- Points
- 18
Access to online banking allows processing mini-deposits
Mini-deposits are a verification procedure in which online service (for instance, PayPal or e-commerce platform) verifies a card through micro-transactions (typically of $1 or $2 USD). The transaction will be issued to the card, and the cardholder will need to input the exact number confirming that they have full access. Other similar verification procedures may require to enter exact card balance with will also require access to online banking.
Access to online banking helps to bypass authentication 3D secure protocols
3D secure protocols are an additional checking measure applied by certain banks. Usually, this includes either a VBV (Verified by Visa) or an MCSC (MasterCard Secure Code) protocol. For example, the merchant may ask to provide a VBV code during an online purchase, which will be listed in the online banking account. By having the VBV code, carders will be able to bypass a VBV verification which will greatly increase the chances of their purchase to pass through. Moreover, some merchants can be only accessed with cards that have VBV enabled.
Access to online banking helps prepare an e-commerce merchant for important larger fraudulent transactions
With high-end card fraud, transactions that involve expensive credit cards and purchase over several thousand USD, having online banking access becomes crucial since it provides a fraudster with intelligence regarding victim’s purchase patterns. If a high-end transaction will significantly differ from a victim’s spending pattern, anti-fraud will block it. Therefore, through re-enrolling an already used card, and resetting access to online banking, carders will receive access to the previous history of transactions and investigate it to mimic the victim behavior.
Mini-deposits are a verification procedure in which online service (for instance, PayPal or e-commerce platform) verifies a card through micro-transactions (typically of $1 or $2 USD). The transaction will be issued to the card, and the cardholder will need to input the exact number confirming that they have full access. Other similar verification procedures may require to enter exact card balance with will also require access to online banking.
Access to online banking helps to bypass authentication 3D secure protocols
3D secure protocols are an additional checking measure applied by certain banks. Usually, this includes either a VBV (Verified by Visa) or an MCSC (MasterCard Secure Code) protocol. For example, the merchant may ask to provide a VBV code during an online purchase, which will be listed in the online banking account. By having the VBV code, carders will be able to bypass a VBV verification which will greatly increase the chances of their purchase to pass through. Moreover, some merchants can be only accessed with cards that have VBV enabled.
Access to online banking helps prepare an e-commerce merchant for important larger fraudulent transactions
With high-end card fraud, transactions that involve expensive credit cards and purchase over several thousand USD, having online banking access becomes crucial since it provides a fraudster with intelligence regarding victim’s purchase patterns. If a high-end transaction will significantly differ from a victim’s spending pattern, anti-fraud will block it. Therefore, through re-enrolling an already used card, and resetting access to online banking, carders will receive access to the previous history of transactions and investigate it to mimic the victim behavior.
