Credit Card Fraud

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  • Topic: Credit card, Fraud, Credit card fraud
  • Pages : 11 (4212 words )
  • Download(s) : 301
  • Published : September 1, 2010
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Credit card fraud: awareness and prevention
Katherine J. Barker, Jackie D'Amato, 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 billions of dollars each year. Numerous schemes and techniques are described in addition to recommendations as to how to help control this growing type of fraud. Credit card fraud is a healthy and growing means of stealing billions of dollars from credit card companies, merchants and consumers. This paper offers current information to help understand the techniques used by fraudsters and how to avoid falling prey to them. This fraud relies on technology currently available and the easy ability to obtain machinery to steal individual identities and account information, and to produce fraudulent credit cards. Information cited is current but could change radically as technological breakthroughs occur. The changing nature of technology also affects the recommendations made to control this fraud.  »  Jump to indexing (document details)

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Copyright Emerald Group Publishing Limited 2008
Skimming equipment: $300
Counterfeit card equipment: $5,000
Using a fake credit card: Priceless
Credit card fraud has been a world-wide problem for years. The effect of this fraud hits not only the victims, but also the credit card companies and merchants. Perpetrators of this type of fraud are successful by implementing various schemes, but only three will be discussed in great detail: skimming, counterfeit cards and phishing. To deter credit card fraud, credit card companies and merchants have put into place various programs. Physical features of the cards have become more elaborate to eliminate counterfeit cards. Prevention programs such as the card verification code (CVC), advanced authorization, and card activation procedures have helped to decrease the effects of fraud. Merchants are also implementing programs to help deter credit card fraud. However, more steps need to be taken to prevent credit card fraud. This paper concludes with four recommendations for credit card companies, merchants and victims. If implemented, these recommendations will help to further reduce the losses caused by credit card fraud. Identifying credit card fraud

There are alarming statistics relating to credit card fraud within the USA. The number of victims and extent of losses continue to grow, and it has become a major concern for all consumers who are fair game for these fraudsters. Certain industries are more susceptible to fraud than others, and we discuss those industries below. The individual who falls prey to credit card fraud has a lot to lose. In many cases, it takes years to restore the damage done to an individual's credit ruined through fraud, not to mention the unwelcome amounts of time...
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