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Credit Card Fraud

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The advent of technology, in the form of credit card, brought in convenience and made life simpler for us, but along with it came the Pandora’s Box. While credit cards have made life easy for us, they have also managed to make life easy for the crooks. While enabling us to purchase things we fancy whilst seated on our couch, it has on the other hand made it easy for fraudsters to guzzle away money that is not truly theirs.

In this paper, I would be:

i. Problem Statement

ii. Introducing the topic about credit card fraud

iii. Talking about different types of credit card frauds

iv. Current issues related to this fraud

v. Tools used for Credit Card Fraud

vi. Future effects of this fraud

vii. Credit Card Fraud Detection

viii. Legal Action towards credit card fraud

ix. Steps to prevent such frauds

x. Conclusion

ROBLEM STATEMENT

Have you ever forgotten to get a copy of your credit card receipt the last time you visited a restaurant and had paid your bill with a credit card? Did you know that many of these receipts have your credit card number printed right there for anyone to see (and use)? And, if you've signed your receipt, your signature can be copied by any. This can lead to the most critical form of identity theft. With this handy information, some unprincipled personal can easily start his or her Christmas or New Year’s shopping by phone or on the Internet using your credit card number. You would be unaware about this theft until you get your monthly statement and if you are a person who would be least bother your statement then you would end up paying more money for something that never used or purchased. Credit card fraud is viral and a growing means of stealing money from credit card companies and consum...

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...t Card Fraud Punishment?" WiseGreek. http://www.wisegeek.com/what-are-the-different-types-of-credit-card-fraud-punishment.htm (accessed May 3, 2014).

V. Unknown. "Credit card fraud." Wikipedia. http://en.wikipedia.org/wiki/Credit_card_fraud (accessed May 3, 2014).

VI. Estep, Jamie. "Credit card skimming – too easy to get skimming equipment!." Information on Merchant Accounts,. http://www.merchantequip.com/merchant-account-blog/149/credit-card-skimming-and-places-that-sell-skimming-devices (accessed May 3, 2014).

VII. "The $23,148,855,308,184,500 Credit Card Bill." Credit card forum. http://creditcardforum.com/blog/the-23148855308184500-credit-card-bill/ (accessed May 3, 2014).

VIII. Martin, Allison. "Laws and Punishments for Credit Card Fraud." Love to know Credit cards. http://creditcards.lovetoknow.com/Credit_Card_Fraud_Punishment (accessed May 3, 2014).
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