What special measures should bank, government and customers take to prevent the growing problem of credit card fraud? Recently, many people have focused on credit card security. The credit card as a payment and financial instrument, it does separate purchases and payments (Berthoud and Kempson 1992). Many banks provide many kinds of credit cards, for example, LLOYDS bank actually have 10 types credit cards for different customers. However, when people are enjoying the convenience for using a credit card, they almost forget these potential problems on credit card security. Especially, online credit card fraud, organized crimes for credit cards and lost/stolen cards, when people found someone stole their accounts, maybe it was too later. Therefore, …show more content…
Because, in the online, there lacked face-to- face or voice interaction, and then it would provide an opportunity to the fraudster stole client’s account through anonymity ways (Balan and Popescu 2011). Furthermore, the first one is about email fraud. Although, many people who are usually use email will ignore and delete anonymous emails, but few people would like to open these anonymous emails, and then fraudsters will theft their personal banking information and even their passwords from credit card’s emails (Balan and Popescu 2011). The second one is about online banking, online banking usually lacking more supervision than the counter, so many fraudsters utilize its convenience to theft the individual’s credit car through sending viral code to the individual’s online banking. Therefore, the people who prefer to choose an online credit card should spend more time on managing their credit …show more content…
And the bank need to change the appearance of credit card, they can use chip instead of holograms for increasing security of credit card. Because the chip card is able to identify customer’s personal information through the chip when this card pit in the payment device. On the other hand, the bank need to make some relevant educated guidance to customers (Balan and Popescu 2011), it can help them to safely use their credit cards. Furthermore, the bank staff have the responsibility to check the ATM whether has matters or not on time. Finally, if a customer lost or stolen their credit card, first they need to call the bank for freezing their account. The key is that customers should open message’s verification function when they cost or withdraw much money through credit card. These reasonable measures are able to help customers protect their credit card securities. But these measures also have more difficulties on some actions, for example, enacting law is not an easy thing. There need to make more efforts on many aspects. And for customers, relevant educated guidance on credit card which has being added to new functions on their phone are not available ways, possibly, because some people are not able to make any changes and then the bank do not force them to
...only hear about the different ways that criminals are committing electronic fraud such as hacking in to somebody’s computer and stealing their credit or debit card information. There are also cases where peoples identities have been stolen and whole other lives have been built on them by another person. It all started with check fraud and although it’s not talked about as much anymore, it is still a very large concern for most business owners and people like you and me. The tips that have been provided for us can help protect us from fraud, but it is up to us to take the extra steps to prevent check fraud. We cannot sign up for check fraud protection the same way we could for credit or debit card protection or to help protect ourselves from identity theft. There are processes in place to help us once we’ve experienced check fraud but it is up to us to avoid it.
Where in 56 million payment cards were stolen and the issues related to the occurrence.
The primary use of stolen identities is for credit card fraud which can occur by an offender placing charges on a victim’s existing cards or by opening new accounts in his or her name. A common activity for these fraudsters is to change the billin...
credit or debit cards accessible in one easy location and it’s even got the extra security of the
If the card has been abused and fraudulent purchases or money withdrawals have been debited to the unfortunate cardholders’ bank or
III. Thesis Statement: Identity Theft is rapidly becoming a national issue because anyone of us could be a victim of identity theft. How we protect our self, keep our information private, identify any signs of identity theft, and report and repair our credit is up to each one of us. We have to be vigilant about our protecting ourselves from criminals.
This cliché holds true for identity theft. There are many simple ways to prevent being victimized. Always use a secure computer and not a public computer when doing online banking. Public computers and Wi-Fi hotspots are more prone to being hacked and gaining personal information. Always be aware of your surroundings, especially when doing banking on your computer in public, or using an automated teller machine, more commonly known as an ATM, or as your grandmother would call it, a Verateller. Never leave behind or throwaway bank statements form these machines or in general. When you need to dispose of sensitive documents, always shred them or if you want to have fun, burn them. My bank told me one way to be absolutely sure to prevent ID theft is to never let you credit card leave your hand, if you need to let it out of your hand, use cash. Lastly, “Your e-mail inbox and social media pages can be rich sources of data for thieves. For example, a crook who hacks your e-mail account could go to the Web site of, say, your bank, enter your e-mail address as your user name and click on a link to request a new password [then log into your e-mail and rest the password].”
Have you ever received a credit card bill at the end of the month with a ridiculous amount of money needed to be paid that you never spent? This is because of identity theft. The FTC estimates that each year, over 9 million people are affected by identity theft. According to Sally Driscoll, this is because almost anyone with a computer and a slight bit of computer knowledge can pull off identity theft. Experts also claim that identity theft is the fastest-growing crime in the world. Identity theft is a global problem that cannot be stopped without effective measures. The problem is, effective measures are very hard to come by when dealing with identity theft because almost any security protocol can be by-passed.
Steps for innovation at Visa include: human-centered design, rapid prototyping, their expertise and partners, and proprietary resources. Visa wants to get rid of plastic cards for the future so electronic payments can grow; the ant a ‘card-not-present environment’. Visa believes that with the cardless future will have to come strong defenses against virtual attacks (fraud), so they plan on working towards better technology that minimizes these risks. By the year 2020 the company predicts there to be 20.8 billion connected devices, and for further innovation and widespread growth like this to be possible, they conducted a survey of ‘maturity’ through 16 countries based on methods utilized and payment channels. No country in the study reached the 3.0 ‘seamless payment stage, but am ranked 2.0, the ‘consumer centric’ stage.
While identity theft is not a new crime, it has mutated over time to respond to the ever evolving technology and most importantly the World Wide Web, credit cards and ATMs. Before the popularization of credit cards in the 1950s, stealing someone's identity meant getting their passport, driver's license or Social Security number. However, what made identity theft far less common in those days was the fact that a person had to be physically present at a
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Every year, millions of people in the United States are affected in some way by identity theft. Fraud and identity theft are difficult to detect and resolve, and unfortunately many people are more vulnerable than they think. The good news is that there are ways to keep yourself safe and protect your valuable identity and financial information. Here are the five best steps to take to safeguard yourself and your identity. <h3>Get a Smart Card</h3> One of the most common forms of fraud involves stealing and using a credit card, and there are few barriers in place to prevent this from happening.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
The introduction of the credit card first came around while the economy was booming in the early 1950’s. American consumers were in buy mode and the credit card was a genius idea to let people buy now and pay later. At first look this idea seemed great but what looks and sounds great does not always mean that it is going to be great overall. Over the years credit agencies have released thousands of credit cards with several questionable polices and high interest rates. “Any given American family in the present day possesses an average of eight credit cards with about 15,000 dollars of debt”(Canner 8). Many consumers have become addicted to wasteful cyclic consumption and living beyond their income due to the ownership of credit cards. The invention and continued implementation of credit cards into the American economic and social systems appears to be the cause of the struggling economy, the weakened U.S. dollar, the sky rocketing prices of gas and grocery store goods, the all-time highs of American debt, and social deprivation in some regions.