Why do credit/debit card fraud happen?

 

Once a erson gets the card gets it cashed and walks out with white goods and cash in hand.. throws away the card.. How can the police find him?? People think they will easily get away with it and so they never think twice before stealing and commiting such frauds..

It can be either! It depends on the security of the terminal. and ofcourse most importantly, the "PIN", as you have mentioned!

It seems you dont have the idea how a credit/debit card works. Each credit/debit card has got a unique Personal Identification Number called PIN, unless this is keyed in no cash will be dispensed by any ATM in the world. With regard to the merchant payments, the merchant is supposed to verify the hot listed cards list and there is also one more check called authorisation number issued by the paying number above a floor limit for each type of merchant, and the merchant is expected to verify the signature of the customer with that on the card to ensure that the presenter of the card is the person mentioned on the card. Of late, even the merchants are taking some proof of identification like copy of pan card etc to ensure the card holder is presenting the card. Regarding the question of frauds, it is basically the short comings on the card holders part i have come across various cases where the card holders are in the habit of carrying the PIN along with the card or writing on the card itself, their not reporting the loss/misplacing of the card as soon as they discover it. There are certain card holder who give it to their near and dear or relatives or friends for usage and the list is endless. Blaming the card issuer for the short comings of the card holder is not proper.