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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...ncyclopedia, Oc 17, 2103. Web. Dec 8, 2013. .
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
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...
Fraud is usually comprehended as deceptive nature calculated for advantage. And usually this kind of people might be called a fraud. According to the U.S. legal system, fraud is a particular offense with specific features. Fraud must be proved by showing that the defendant’s actions involved five separate elements: 1. A false statement of a material fact; 2. Knowledge on the part of the defendant that the statement is untrue; 3. Intent on the part of the defendant to deceive the alleged victim; 4. Justifiable reliance by the alleged victim on the statement; 5. Injury to the alleged victim as a
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.
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).
Identity theft refers to unlawful activities which specifically compromise another person’s identity. According to the US Department of Justice (DOJ), identity theft is an activity “in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, typically for economic gain.” Such personal data can include names, Social Security numbers, birthdates, bank accounts, credit card numbers, or medical records. Identity theft can also be part of or enable other types of crimes such as bank, credit card, document, employment, or immigration fraud; robbery; and burglary, for example (Finklea, 2010, p. 2). Identity theft exists on a continuum with simple unauthorized credit card charges on one end all the way to having one’s identity completely assumed by another.
Miller, J. (2008, January). Resources: Credit Card Security . Retrieved February 21, 2011, from Arizona Society of Certified Public Accoutants : http://www.ascpa.com/Content/39591.aspx
Where in 56 million payment cards were stolen and the issues related to the occurrence.
Saleh, Z. (2013). The impact of identity theft on perceived. Journal of Internet Banking & Commerce, 18(2), 1-11. Retrieved from http://www.arraydev.com/commerce/jibc/
In a 2006 Federal Trade Commission survey, over 50% of victims of identity theft lost 1,000 dollars or more to attackers stated by Glotfelty, a cyber threat analyst who works to examine organizations on potential internal and open-source threats (cited in Glotfelty). In an article published by USAGov, identity theft can be unnoticed for days or even weeks (“Identity Theft”). Also, victims of identity theft not only lost money but lost countless hours trying to resolve the issue. For example, in another Federal Trade Commission survey, 60% of victims spent over 10 plus hours and half of that number lost 40 or more hours trying to resolve the issue of identity theft (cited in Glotfelty). Identity theft can also make victims lose their wages and have legal fees. At worse scenarios, attackers can ultimately open a new credit card account using your name and social security number. This is significant because they can use this credit card to buy merchandise without paying the bills and as a result, these actions are reported on your credit report. Another incident an attacker can do is open a new bank account in your name and write bad checks affecting your credit report. Other bad scenarios are that an attacker can take out loans and buy cars, houses, or other expensive merchandise (cited in Tiller). In one situation, Lara Love and David Jackson were a couple who lived in a quiet neighborhood and lived a simple life. However, what next door neighbors didn’t know was that they allegedly obtained 30 personal identity accounts in which they used new credit cards for online gambling (cited in Kiesbye). Before these two thieves were eventually caught, they acquired more than 15,000 dollars in which they used on illegal drugs and daily bills (cited in Kiesbye). However, businesses suffer greatly to identity theft. Businesses result in similar consequences, but at a greater cost. For
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.
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.
...et up illegitimate credit card accounts, bank accounts and other accounts – this is called identity theft.
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”).
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.
Damages done by the fraud to any organization can be huge if not prevented. The main role of internal auditors in an organization is the detection and then prevention of fraudulent activity that is why the organizations are paying for them. Some fraud activities have happened in the Ajax Export Corporation. The fraud is done by accounts payable clerk with a quantity of $18,000 by writing checks to herself and charging the expense to miscellaneous account/ expense. This process according to the examination has occurred over the period of three years. The issues which are addressed may have the following recommendations.