Know the numbers to halt Credit Card fraud!
 
Deal4loans NEWSLETTER for March 2008
Guru Gyan

“If the cardholder pays after the due date, then he is liable to pay Late Payment Charge, Default Charge, Processing Fee, Service Tax, APR. And all of these are payable from the date of transaction and also on the full amount of the transaction”
Amitoj Sethi (Loan Guru) Loans by choice not by chance!!
A credit card is safer and more convenient to use than cash. But every Luxury has certain side effects also. Often heard / read stories about credit card frauds. How people end up footing huge shopping bills of items they actually never purchase. And now, with ecommerce taking off in the country, the realm of credit card criminals has expanded further. To avoid this what we should always take care the following two things when we own a credit card:
 • Credit Card Number
 • CreditCard verification Value (CVV): It is the number on the backside of your card. The CVV is not contained on the magnetic stripe of the card, it is not typically included in the transaction when the card is used face to face at a merchant, but forms an important part of Online Transactions.
You might be having three cards in your wallet. But knowing and understanding the numbers on your card is the most important aspect of owning a card. If you take a close look at your credit cards, you'll probably wonder what all those numbers stand for. Every digit actually stands for something specific. Lets understand the Logic behind these numbers.
What does that 16 digit CreditCard Number signify?
Hypothetical Example

• The first digit in your credit-card number signifies the Network or the type of card you have
3 - travel / entertainment cards
4 - Visa
5 - MasterCard
6 - Discover Card
• The structure of the card number varies by Network:
American Express - Digits three and four are type and currency, digits five through 11 are the account number, digits 12 through 14 are the card number within the account and digit 15 is a check digit.
Visa- Digits two through six are the bank number, digits seven through 12 or seven through 15 are the account number and digit 13 or 16 is a check digit.
Master Card- Digits two and three, two through four, two through five or two through six are the bank number (depending on whether digit two is a 1, 2, 3 or other). The digits after the bank number up through digit 15 are the account number, and digit 16 is a check digit…
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