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creating unauthorized copies of credit or debit cards is known as credit card cloning or skimming.

Thus, they can be utilized by thieves to make purchases, thus taking the cardholder’s money and/or putting them in debt.

For this, thieves use sophisticated tools, sometimes in addition to basic social engineering. Historically, one of the most common card-related fraud schemes in the globe has been card cloning. The Nilson Report predicts that this theft costs the world economy USD 28.65 billion a year and will increase to USD 38.50 billion by 2023.

Credit card cloning is the act of making an unauthorized copy of a credit card. Another term for this activity is skimming. Theft use an electronic device to overwrite an existing card with the information, copy data from a credit card terminal, or transfer the data to a new card.

Regrettably, cloning and associated theft techniques have spread like wildfire in recent years. Thankfully, security improvements like the usage of chip cards and personal identification numbers (PINs) have made it feasible to thwart these attacks.

WHAT IS CLONE CARD
Skimmers are tiny devices that can be fixed to hardware, such as ATMs, which are frequently used by con artists, or point of sale (POS) terminals at actual retail establishments. These skimming devices scan the magnetic stripe on the back of the actual credit card or debit card, acting as card readers, and taking advantage of the uninformed victim’s credit card information, including card numbers, PINs, and CVV data. They may be purchased online and are reasonably priced as well.

On the POS terminal or ATM, fraudsters can use a phony keypad to obtain the PIN information of the legitimate cardholder. Once they have this data, they can use the stolen CVV, PIN, and credit card information to create a new physical card and conduct fraudulent purchases in the name of the legitimate cardholder. Until the cardholder checks their bank accounts, financial documents, or notices a change in their credit score, something may have occurred that they are unaware of.

Cloning also no longer requires physical execution. Fraudsters can now steal a large number of card details utilizing remote scanning equipment thanks to contactless technology by just strolling down a busy street carrying a covert scanner in their backpack or purse.

According to Feedzai study, card cloning has become a worldwide phenomenon and has increased by 34% globally. A pair of individuals were detained by Irish police last year, and 66 skimmed credit cards were also seized. Over 350 counterfeit cards were only recently recovered by Indian police. Six persons were recently detained by the FBI in the United States for utilizing card skimming technology to steal more than $200,000 from petrol stations.