What is Carding? Misuse of plastic money

So many of you must have got any messages in your WhatsApp or seen a post on Facebook which says you can get  a brand new iPhone 7 or something like that at a very low cost like 5 K. They say that all their products are bought from carding, but what is carding? 

Basically carding means to steal someone’s card data and use without his or her notice which is illegal. So from where did this begin? Earlier we just used are cash as a way of transaction but with advancing technology we are in an age of plastic money, which is very unsafe. It’s not like that I can only use my card, anyone who has my card number and CVV and easily do any kind of transaction. Earlier (Between 2007-2008) online websites used to store their users card details, which was very unsafe. At that time hackers used to hack the website and used to steal the card details and sell all those in bulk. It was the birth of carding.

DEFINITION of ‘Carding’

A form of credit card fraud in which a stolen credit card is used to charge pre-paid cards (usually stealing cards details). Carding typically involves the holder of the stolen card purchasing product or goodies which could be easily exchanged or sold for cash. They usually buy things and get it shipped at any unknown place known as rock shipping.

Credit card thieves who are involved in this type of fraud are called carders.

 

Following data from Investopedia

BREAKING DOWN ‘Carding’

The United States is a significant target for credit card fraud because it is a large market in which credit card and debit card use is common, and because the types of cards that are used only contain a magnetic strip rather than the chip and pin technology found in other countries.

Carding typically starts with a hacker gaining access to a store or website’s credit card processing system, with the hacker obtaining a list of credit or debit cards that were recently used to make a purchase. The hacker then sells the list of credit or debit card numbers to a third party, a carder, who uses the stolen information to purchase a gift card.

Most credit card companies offer cardholders protection from charges made if a credit or debit card is reported stolen, but by the time the cards are canceled the carder has often made a purchase. The gift cards are used to purchase high value goods, such as cell phones, televisions, and computers, since those goods do not require registration and can be resold later.

If the carder purchases a gift card for an electronic retailer, such as Amazon, he or she may use a third-party to receive the goods and then ship them to other locations. This limits the carder’s risk of drawing attention. The carder may also sell the goods on websites offering a degree of anonymity.

Because credit cards are often canceled quickly after being lost, a major part of carding involves testing the stolen card information to see if it still works. This may involve submitting purchase requests on the Internet.

So guys be safe keep your card safe, make sure not to give your card to any unreliable person and please stay away from carded materials as it is illegal and you can go behind the bars.

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