Credit card fraud is the activity when someone uses your credit card without your permission, like when someone put an unauthorized charge on your account. It means that you take someone else’s credit card and use it as your own (yahoo, 2008). Credit card fraud is a term for theft and fraud to use a credit card or as a fraudulent source of funds in a transaction. The purpose of credit card fraud is to obtain goods without paying, or to obtain unauthorized funds from other person’s account (ASK, 2013). Credit card fraud taking unauthorized credit card information to charge purchases to an account or to eliminate the capital from it called identity theft. Furthermore, credit Card Fraud is a comprehensive term which use for stealing and scheme dedication by using a credit card as a fake source of capitals in a business. The purpose of such action is to gain unconstitutional or illegal assets from an account in order to acquire properties without paying. Besides, Identity theft is a form of identity hold-up in which someone pretends to be someone else by having someone else’s identity and credit card fraud is similar to identity stealing (Wikipedia, 2013).
As a detection process, United States Federal Trade Commission, clarity that credit card fraud for identity theft was steady in 2008, but in the past few years 21 percent increased. Nevertheless, the commission added that credit card fraud is a kind of crime which people count it as an “ID theft”. Though, credit card fraud is restricted in every transaction which takes place, but in huge transaction credits card fraud happen. Indeed, the fraud in credit card transaction has been limited to 0.1 percent. In 1999 the 12 billion transactions which was made yearly, around 10 million or ...
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Wikipedia.org, Identity theft.Wikipedia, the free encyclopedia, Dec 2, 2103. Web. Dec 6, 2013. .
ASK. (2013, December 12). Credit Card Fraud. Retrieved from ASK: http://www.ask.com/wiki/Credit_card_fraud controller, O. o. (2008, December 08). Fraud Detection Services for Card-Not-Present Transactions NC Office of the State Controller. Retrieved from osn.nc.gov: http://www.osc.nc.gov/SECP/Card_Fraud_Detection.pdf
Government. (2011, 06 22). Credit Card Fraud in Singapore is on the Rise. Retrieved from Export.Gov: http://export.gov/pennsylvania/pittsburgh/avoidingoverseasfraud/eg_us_pa_035093.asp yahoo, a. (2008, April 08). What is credit card fraud? Retrieved from Yahoo: http://answers.yahoo.com/question/index?qid=20080408093748AAAVrOo
Fraudulent means to obtain something by means of deception. Usually, it is known by its shortened form, fraud. Different types of fraud account for a notable number of the crimes committed in the United States. Fraud is always evolving, keeping up with changing technology and attempting to stay ahead of law enforcement. Most likely, fraud will not go away. It is important to note that the best way to combat fraud is to be knowledgeable about fraud. The following paragraphs outline several typed of fraud and the people affected by these crimes.
The Impact of Online Identity Theft on Consumers and Organizations Internet fraud has become a major issue due to the ever increasing population of internet users, because the internet is such an easy solution to fast sufficient services readily available for busy lives that’s is why most of us are now dependant on the internet in some shape or form and each time we use the internet we input data that are related to use from our name, address and even bank details with the assurance that the site is safe and trustworthy, but this is not always the case because the security system implemented like all things in this world has weaknesses.
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,
Identity Theft is a severe and important issue that needs more recognizing than is currently has now. Identity Theft is when mean people go around and try to steal your Identity. If they are successful and have stolen your identity they can buy items and you will be charged. They can also ruin your credit history and reputation with your Identity. Identity theft happens every day and many people are affected daily. If your identity gets stolen it may take years to get all your stuff back. It may even cost you money to fix it! This will tell you everything you need to know about Identity Theft and hopefully we can put a stop to it.
Today Identity Theft is the fastest growing crime in the United States. The Federal Trade Commission, identity theft victim complaint database currently contains more than three hundred thousand complaints. American consumers reported losing over one billion dollars to fraud overall in 2014, according to the Federal Trader Commissions annual report on consumer complaints released earlier this year, with the average cost ranging between five hundred dollars to two thousand dollars per victim (Federal Trade Commission, 2014). According to the 2011 Identity Fraud Survey Report, approximately eight million adults in the United States were victims of identity theft with the total cost of thirty seven billion dollars (Britz, 2013). The Federal Trade commission strongly urges people to take action in protecting themselves from Identity Theft because everyone is at risk of this rapidly growing crime no matter your age, race, gender or current financial situation. Identity Theft when a illegitimate person gains access to your personal information, such as your Social Security number, credit card account information, your mother's maiden name, your driver's license number, and other important information to impersonate someone. When the criminal has gained the information they need, they have the ability opens credit accounts, cellphone accounts, and other types of credit based accounts in your name. In addition once a person’s information is stolen the criminal then has the ability to access current accounts that is possessed, leading to even further damage to personal finance and credit.
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...
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...
Where in 56 million payment cards were stolen and the issues related to the occurrence.
According to the Federal Trade Commission, identity theft was involved in more than 40 percent of the consumer complaints it received last year. This was double the amount from the previous year of 2000. Social security fraud has gone up over the past four years more than 500 percent. This is an astounding number too consider and critics have complained that perpetrators are still treated with more leniency than your common white-collar criminal. Also hard to consider is the fact that one third of those who have been convicted of the crime ...
Identity theft is no new problem in our world. It has occurred for decades and only grows more popular with criminals. Due to our world’s expanding technology, identity theft is becoming easier to commit and harder to detect. Luckily as the criminals technology becomes more advanced, so does out justice system’s technology to help fight the crime. The number of criminals that engage in the fraud and thievery will only grow due to the lucrative nature of the crime, but also will the forces that are established to stop them. This white-collar crime will gain more attention and therefore more laws will be passed to protect the public from becoming victims. With the use of laws, task forces, and the education and awareness of the public, identity theft will be given more attention and focus to hopefully deter future threats from occurring.
Identity theft is a term used for describing criminal that uses individual’s identity without consent. A common crime of identity theft would be identity fraud. Many of the crimes are regularly connected with money-related issues (Reyns, 2013). With technology being commonly used nowadays we are getting more dependent on it for business, financial, medical, and other forms. As a result this became a target for identity thieves as well. The Internet provides us information and accessibility, but information being stored on the Internet eas...
According to the FBI statistics, Identity Theft is the fastest growing crime in the U.S.’s (Tribune Business News, 2003). Identity theft thieves have perfected the art of collecting information of unsuspecting victims and now all the law enforcement agencies, as well as affected companies, are working hard to find ways to combat these issues.
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.
Identity theft is a non ethical criminal offence. It is when someone gathers someone’s personal information and uses it against them. Fraudsters usually get a hold of personal information using three methods: information given away, offline methods and online methods. People commit this crime for many different reasons, but they all have one common goal of using some else’s identity to their advantage. There are many different type of identity thefts, which are categorized on what the criminal is using the identity for. Having said all of this, identity is a crime that can cause a lot of finical and reputation damage to the victim and that is why it is important to prevent it. Identity theft can be prevented if everybody knows exactly what it is and what they can do to keep their identity safe.
...et up illegitimate credit card accounts, bank accounts and other accounts – this is called identity theft.