Credit Card Fraud - 1910 Words

Running Head: Credit Card Fraud Impact of Credit Card Fraud Outline Card Credit Fraud Thesis Statement: Credit card fraud is an inclusive term for larceny and deception committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to attain goods without paying, or to achieve illegal resources from an account. Credit card fraud is also an appendage to identity theft. According to the Federal Trade Commission, while identity theft had been holding steady for the last few years, it saw a 21 percent increase in 2008..( Consumer Sentinel Network Data Book: January - December 2008 (PDF). Federal Trade Commission February 26, 2009.) The costs of card fraud in 2006†¦show more content†¦They require a personal identification number (PIN) which may also be a violation. Card holders have several countermeasures, including complex software which can assemble a vest interaction and guesstimate the possibility of fraud. For example, a large trade occurring in a great distance from the cardholder’s home might seem mistrustful. Merchants may be commanded to call the card holder for authentication, or reject the transaction or do whatever they want. Customers must call the issuer and prove t heir identity to get their card back. III. Compromised accounts Card bank account information is stored in a number of formats. Account numbers – formally the Primary Account Number (PAN) – are often stamped or imprinted on the card, and a magnetic streak on the back contains the data in machine readable format. Fields can vary, but the most common include: * Name of card holder * Account number * Expiration date * Verification/CVV code A. Card not present transactions The major routes of fraud which is contrary for merchants who sale and ship products are the mail and the internet as they affect legitimate mail-order and Internet merchants. The card should be present (called CNP, card not present) so the merchant can trust the issuer (or someone purporting to be so) issuers present their information in any way theyShow MoreRelatedCredit Card Fraud Essay3025 Words   |  13 PagesCredit Card Fraud: Overview, Analysis, and Recommendations Credit card fraud is a significant problem in the U.S. with losses exceeding $5.718 billion annually (Sullivan, 2010). Perpetrators are continually developing new methods to circumvent established and evolving fraud prevention controls. With economic expansion continuing its advance into the digital era and electronic forms of payments increasingly common, the problem of credit card fraud is likely to increase. Internet-based creditRead MoreCredit Card Fraud Essay2919 Words   |  12 Pagesform of credit card, brought in convenience and made life simpler for us, but along with it came the Pandora’s Box. While credit cards have made life easy for us, they have also managed to make life easy for the crooks. While enabling us to purchase things we fancy whilst seated on our couch, it has on the other hand made it easy for fraudsters to guzzle away money that is not truly theirs. In this paper, I would be: i. Problem Statement ii. Introducing the topic about credit card fraud iii.Read MoreCredit Card Fraud And Money Laundering2028 Words   |  9 Pages Running head: CREDIT CARD FRAUD MONEY LAUNDERING 1 White Collar Crime: Credit Card Fraud and Money Laundering Datuawn Frazier Lillian Esedebe Morrisville State College CREDIT CARD FRAUD MONEY LAUNDERING 2 Abstract In this paper we will be exploring white collar crime and specifically credit card fraud and money laundering. 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Barker,  Jackie DAmato,  Paul Sheridon.  Journal of Financial Crime.  London:  2008.  Vol. 15, Iss. 4;  pg. 398 Abstract (Summary) To make readers aware of the pervasiveness of credit card fraud and how it affects credit card companies, merchants and consumers. A range of recent publications in journals and information from internet web sites provide corroboration and details of how fraudsters are using credit cards to steal billionsRead MoreWorld Wide Credit Card Fraud1353 Words   |  6 Pages Credit card fraud transpires daily and in a variety of ways. Often times the consumer that has been a victim of credit card fraud is unaware until they notice the fraudulent charges for purchases they never made. Thieves obtain credit card information in a number of way, data breaches, compromised card information, a dishonest employee at a restaurant or retails store, by a fraudulent website, by giving out credit card information to someone over phone with malice intent. According to StatisticRead MoreCredit Card Fraud Should Be A Federal Offense1120 Words   |  5 Pages Abstract Credit card fraud is a federal offense and can get an offender up to 20 years in prison depending on the severity of the situation. Should it be a federal offense? Credit card fraud is becoming more and more relevant especially in the United States , matter of fact it increased by 16% in 2016 alone. This is a serious problem in today s society. The hypothesis that s being examined in this paper is that credit card fraud should be a federal offense. This has become a relevantRead MoreDigital Credit And Debit Card Fraud Essay741 Words   |  3 PagesThe Problem: Worldwide credit and debit card fraud resulted in losses amounting to $16.31 billion during the year 2014. The United States has been disproportionately affected by this fraud, due to their lack of adoption of the EMV Chip security measure. According to the 2012 Nilson Report, American card issuers lost $3.4 billion and merchants lost another $1.9 billion. America makes credit card fraud easy for fraudsters, by still relying on cards with magnetic strips which are less secureRead MoreCredit Card Fraud, An Integral Part Of The World s Economy1259 Words   |  6 Pagesmoney. Credit and Debit cards have become an integral part of the world’s economy. Due to this extensive usage of cards, we have become a â€Å"cashless society†. We make use of credit cards to make online payments, to buy items at retailers and grocery stores; almost anywhere we go and purchase, we extensively make use of credit cards. This over dependency and usage of credit cards has given rise t o new form of crime called the Credit Card fraud. Credit card fraud is the use of one person’s credit cardRead MoreEvolution Of Credit Card Fraud Within The Growing E Commerce Industry1716 Words   |  7 PagesA565_section_14447_Tina Pang _Credit Card Fraud_ Final Paper_10/11/2014 I examine the evolution of credit card fraud within the growing e-commerce industry. Online Shopping: Risk of Paying More than You Receive I examine the evolution of credit card fraud in regards of the technology or methodology fraudsters used specifically within the e-commerce industry, and discuss various security concerns companies have for establishing online shopping sites. The appearance of credit cards and the growing e-commerce