The advent of technology, in the form 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. Talking about different types of credit card frauds
iv. Current issues related to this fraud
v. Tools used for Credit Card Fraud
vi. Future effects of this fraud
vii. Credit Card Fraud Detection
viii. Legal Action towards credit card fraud
ix. Steps to prevent such frauds
x. Conclusion
ROBLEM STATEMENT
Have you ever forgotten to get a copy of your credit card receipt the last time you visited a restaurant and had paid your bill with a credit card? Did you know that many of these receipts have your credit card number printed right there for anyone to see (and use)? And, if you've signed your receipt, your signature can be copied by any. This can lead to the most critical form of identity theft. With this handy information, some unprincipled personal can easily start his or her Christmas or New Year’s shopping by phone or on the Internet using your credit card number. You would be unaware about this theft until you get your monthly statement and if you are a person who would be least bother your statement then you would end up paying more money for something that never used or purchased. Credit card fraud is viral and a growing means of stealing money from credit card companies and consum...
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...t Card Fraud Punishment?" WiseGreek. http://www.wisegeek.com/what-are-the-different-types-of-credit-card-fraud-punishment.htm (accessed May 3, 2014).
V. Unknown. "Credit card fraud." Wikipedia. http://en.wikipedia.org/wiki/Credit_card_fraud (accessed May 3, 2014).
VI. Estep, Jamie. "Credit card skimming – too easy to get skimming equipment!." Information on Merchant Accounts,. http://www.merchantequip.com/merchant-account-blog/149/credit-card-skimming-and-places-that-sell-skimming-devices (accessed May 3, 2014).
VII. "The $23,148,855,308,184,500 Credit Card Bill." Credit card forum. http://creditcardforum.com/blog/the-23148855308184500-credit-card-bill/ (accessed May 3, 2014).
VIII. Martin, Allison. "Laws and Punishments for Credit Card Fraud." Love to know Credit cards. http://creditcards.lovetoknow.com/Credit_Card_Fraud_Punishment (accessed May 3, 2014).
Fraud is one of Canada's most severe acts of financial criminality as the economic impact of this crime could potentially handicap an entire society. According to the Canadian Anti-Fraud Centre Annual Statistic Report (CAFC), a report established to monitor fraud with the aid of the Royal Canadian Mounted Police (RCMP), and Competition Bureau of Canada, it reported an annual loss of 74 million dollars affecting over 14,472 victims (Canadian Anti-Fraud Centre, 2014). Given this alarming statistic, it is worrisome that we as a society still ignore or turn a blind eye towards those who commit fraud as seen in the low conviction (Canada Revenue Agency, 2014), and focus our efforts on petty thefts as seen with the high rate of convictions
Smith, A. (2013). How NOT to commit dental insurance fraud! Retrieved from Amy Smith Consulting LL.: http://www.amysmith.biz/tip-of-the-month/2013/6/25/how-not-to-commit-dental-insurance-fraud.html
Where in 56 million payment cards were stolen and the issues related to the occurrence.
If a customer refused the card, he was told to cut and discard it upon arrival. However, they were not informed that issuing each new card required a credit check, which can lower a person’s credit score
In today’s day and age, there is a lot of news that is related to corporate accounting fraud as companies intentionally manipulate their financial statements to show a better picture of their financial health. The objective of financial reporting is to provide financial information about a company to its various stakeholders such as investors and creditors so that these stakeholders can make decisions accordingly. Companies can show a better image of their financial well being by providing misleading information. This can be done by omitting material information from the books or deceitful appropriation of assets such as inventory theft, payroll fraud, check forgery or embezzlement. Fraudulent financial reporting will have an effect on the
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.
Identity theft is not widely discussed in the public eye. If blind to it, it may not seem very prevalent. However, identity theft is a common occurrence. According to an Identity Fraud Survey report in 2011, approximately “8.1 million adults in the United States were victims of identity fraud” (Britz 115). This would amount to about 37 billion dollars of stolen money, credit or other kinds of benefits. This is not surprising seeing that there are many ways to obtain personal information. Not only are there physical methods,
In some cases, customer might lie to say they did not receive the gift card from CardSwap but they did actually. Subsequently, they might acquire to refund which bring financial loss to the seller. In order to deal with this problem, CardSwap can use a special system, Riskified, for fraud prevention. Riskified is technical system using fraud prevention technologies and order analysis methods to ensure the business remains fraud-free and to prevent eCommerce fraud. Furthermore, Riskified offers a full chargeback guarantee on every single order which can eliminate the potential risk in the order.
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.
-What is a "professional thief"? ~ A professional thief is a criminal whose income significantly comes from crime itself. These professional criminals do not delude themselves with the belief that their actions are one-time crimes, impulsive, nor do they employ elaborate rationalization to excuse the harmfulness of their actions. Furthermore, professional criminals often purse their craft with vigor, attempting to learn from older more experienced criminals that will help them earn the most money with the least risk possible.
You unzip your wallet and take out your credit card to pay for it. A sneaky thief is standing by with a scanner hooked to the computer you are paying through. One scan later, your credit card information is in their possession. All they have to do is generate a counterfeit card and
Every day, citizens are constantly losing money and being victimized due to these fraudulent activities. Cyber crime, including fraud, identity theft, stalking, and hacking, is a growing problem that can be prevented by taking the proper precautions. The biggest cases of cyber crimes are cases of fraud. Online fraud comes in many forms. It ranges from viruses that attack computers with the goal of retrieving personal information, to email schemes that lure victims into wiring money to fraudulent sources” (What is “online fraud”).
The need for digital cash closely parallels the need for regular cash. Most people do not use regular cash to make major purchases. Carrying large amounts of cash can be very insecure. Carrying credit cards is more secure because, at least in th...
...et al 2008 ). These losses increase duo to the accessibility of modern communication which creates easy opportunities of fraud even to non-specialists and this happens because of the difficulty of identifying the offender and the lack of laws to punish him. Fraud threats the information security of governmental or financial organizations such as banks. Exorbitant amount of money is spent to reform the system , to retrieve information or to buy and use of new programs which have a high level of security. The intuitive expectation, these organizations raise the price on the citizens and the consumers to compensate the loss, which means a large charge is paid by customers because of the mistake that they do not do it. Online fraud may force citizens to pay higher cost ,so it can cause the loss of financial justice in societies duo to modern communication.
Your identity is unsafe in more places than you may realize. Every store you walk in has the possibility or either having someone behind the counter, or someone hacking into a business from outside, readily waiting to steal your identity. Using your credit card in any store is never safe no matter what signs are posted around the store, or how big the company is; it’s not always the people who work there that want your identity. The article Identity theft growing, costly to victims in The Arizona Republic, J. Craig Anderson ...