Credit Card Fraud

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Enforcement and Legislation Several legislative codes have been ratified to prevent and deter credit card fraud. Many have been created or modified within the past decade and are enforceable by several agencies, such as the Federal Bureau of Investigation (FBI), United States Secret Service (USSS), and the United States Postal Inspection Service (USPIS). Task forces consisting of federal, state, tribal, and local agencies have been formed throughout the U.S. to increase joint-interagency cooperation among criminal investigators and prosecutors. Credit Card Fraud Act (1984) In response to the emergence of credit card fraud in 1984, congress passed the Credit Card Fraud Act to give federal prosecutors a broad jurisdictional base to more effectively prosecute a variety of credit card frauds. This act broadened the definitions of credit card and debit instrument to any "access device," including an account number, increased the maximum penalties of incarceration and fines, and provided a substantial repeat-offender penalty (U.S. Department of Justice, 2013). Although the legislation was enforceable at the federal level, the majority of credit card fraud was still investigated by state and local agencies. Interstate agency commerce was not as common until the emergence of the electronic era in the 1990s. Much of the legislation enacted to combat credit card fraud continues to be based on the Credit Card Fraud Act of 1984. Identity Theft and Assumption Deterrence Act In the fall of 1998, the rampant rise in electronic credit card fraud led congress to pass the Identity Theft and Assumption Deterrence Act. This act prohibits, “ knowingly transfer[ring] or us[ing], without lawful authority, a means of identification of another p... ... middle of paper ... ...cation Technology, 10(5), 1-5. Sullivan, R. (2008). Can smart cards reduce payments fraud and identity theft. Economic Review, Retrieved from http://go.galegroup.com.ezproxy.fau.edu/ps/i.do? id=GALE %7CA189486001&v=2.1&u=gale15691&it=r&p= AONE&sw=w&asid =a865ca9611d1b6fa06e56dbd7f68560f Sullivan, R. (2010). The changing nature of U.S. card payment fraud: industry and public policy options. Economic Review. Retrieved from: http:go.galegroup. com.ezproxy.fau.edu/ps/i.do?id=GALE%7CA233963353&v=2.1&u=gale 15691&it=r&p=AONE&sw=w&asid =61ce05cd2368e9b68cbaa4281d3d32ec U.S. Department of Justice. (2013). Identify theft and identify fraud. Retrieved from http://www.justice.gov/criminal/fraud/websites/idtheft.html. Woolsey, B., Gerson, E. (2009). The history of credit cards. Retrieved from: http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php

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