Credit Card Fraud
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 were 7 cents per 100 dollars worth of transactions (7 basis points).( "Credit Card Issuer Fraud Management, Report Highlights, December 2008")Mercator Advisory Group. 2008.) Due to the high volume of dealings this translates to billions of dollars. In 2006, fraud in the United Kingdom alone was estimated at £535 million, (“Plastic card fraud goes back up". BBC. March 12, 2008.) Or US$750–830 million at prevailing 2006 exchange rates. (USDGBP=X: Basic Chart for USD to GBP — Yahoo! Finance)
I. Origins II. Stolen cards III. Compromised account A. Card not present transaction B. Identity theft a. Application fraud b. Account takeover C. Skimming D. Carding E. BIN attack F. Tele phishing IV. Fraudulent charge-back schemes
I. Origins
The fraud begins mostly in two ways, either by the theft of the corporeal card or by the negotiation of data related with the account including all the information. The compromise can occur by many common routes and one of the ways which’s typically used is warning the card holder, until the account is ultimately used for fraud. Here’s an example where a store clerk is copying sales receipts so he can use them later. Using credit card on internet
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 were 7 cents per 100 dollars worth of transactions (7 basis points).( "Credit Card Issuer Fraud Management, Report Highlights, December 2008")Mercator Advisory Group. 2008.) Due to the high volume of dealings this translates to billions of dollars. In 2006, fraud in the United Kingdom alone was estimated at £535 million, (“Plastic card fraud goes back up". BBC. March 12, 2008.) Or US$750–830 million at prevailing 2006 exchange rates. (USDGBP=X: Basic Chart for USD to GBP — Yahoo! Finance)
I. Origins II. Stolen cards III. Compromised account A. Card not present transaction B. Identity theft a. Application fraud b. Account takeover C. Skimming D. Carding E. BIN attack F. Tele phishing IV. Fraudulent charge-back schemes
I. Origins
The fraud begins mostly in two ways, either by the theft of the corporeal card or by the negotiation of data related with the account including all the information. The compromise can occur by many common routes and one of the ways which’s typically used is warning the card holder, until the account is ultimately used for fraud. Here’s an example where a store clerk is copying sales receipts so he can use them later. Using credit card on internet
References: * "Consumer Sentinal Network Data Book: January - December 2008" (PDF). Federal Trade Commission. February 26, 2009. * "Court filings double estimate of TJX breach". 2007. * a b Adsit, Dennis (February 21, 2011.