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Clone Card is Creating unauthorized copies of credit or debit cards, is referred to as credit card cloning or skimming. This allows criminals to make purchases, resulting in financial loss or debt for the cardholder. Thieves employ specialized equipment, often combined with basic social engineering tactics, to carry out this fraud. Historically, card cloning has been one of the most common forms of card-related fraud globally. The Nilson Report indicates that this type of theft costs the global economy approximately £28.65 billion each year, with projections suggesting it could rise to £38.50 billion by 2023.

 

Credit card cloning involves making an unauthorized duplicate of a credit card, also known as skimming. Thieves use electronic devices to extract data from a credit card terminal, which they then transfer to a new card or overwrite onto an existing one.

 

Regrettably, cloning and similar theft methods have surged in recent years. However, advancements in security measures, such as the implementation of personal identification numbers (PINs) and chip cards, have helped to mitigate these attacks.