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A summary about internet fraud
A summary about internet fraud
A summary about internet fraud
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Credit card fraud is a significant problem in the U.S. with losses exceeding $5.718 billion annually (Sullivan, 2010). Perpetrators are continually developing new methods to circumvent established and evolving fraud prevention controls. With economic expansion continuing its advance into the digital era and electronic forms of payments increasingly common, the problem of credit card fraud is likely to increase. Internet-based credit card fraud is nearly 15 times higher than in person transactions (Bhatla, Prabhu & Dua, 2003). Advances in investigative methods, legislation, and technology innovations are required to combat this broadening problem.
Credit card fraud creates an alluring and exploitable opportunity for a subset of unethical individuals to engage in illicit activities. Credit card fraud is a serious crime, often with links to other serious felonies such as organized crime, international narcotics trafficking, and terrorist financing (Sanjeev, 2009). It is not a localized incident impacting a single victim, but rather a global problem that is costly to all members of society. As the costs of fraud are spread across banks, merchants, and consumers, the threat is directed towards economic degradation and collapse (Sullivan, 2008).
It is suggested that inadequate fraud controls and outdated technology create an environment for credit card fraud to prosper. This research outlines the most common types of credit card fraud and recommendations for preventing fraudulent activity. Several case studies illustrating the different types of credit card frauds are analyzed, and a review into technological weaknesses and common fraud investigative techniques are discussed to raise awareness for financial institutions and fr...
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...2009). Credit card fraud detection with discrete choice models and misclassified transactions. (Unpublished MBA Thesis). University of Chicago, Chicago, IL.
Pun, J., Lawryshyn, Y. (2012). Improving credit card fraud detection using a meta-classification strategy. International Journal of Computer Applications, 56(10), 41-46.
Sullivan, R. (2008). Can smart cards reduce payments fraud and identity theft. Economic Review, Retrieved from http://go.galegroup.com.ezproxy.fau.edu/ps/i.do?id=GALE %7CA189486001&v=2.1&u=gale15691&it=r&p=
AONE&sw=w&asid =a865ca9611d1b6fa06e56dbd7f68560f
Sullivan, R. (2010). The changing nature of U.S. card payment fraud: industry and public policy options. Economic Review. Retrieved from: http://go.galegroup.com.ezproxy.fau.edu/ps/i.do?id=GALE %7CA233963353&v=2.1&u=gale15691&it=r&p=AONE&sw=w&asid =61ce05cd2368e9b68cbaa4281d3d32ec
Fraud is one of Canada's most severe acts of financial criminality as the economic impact of this crime could potentially handicap an entire society. According to the Canadian Anti-Fraud Centre Annual Statistic Report (CAFC), a report established to monitor fraud with the aid of the Royal Canadian Mounted Police (RCMP), and Competition Bureau of Canada, it reported an annual loss of 74 million dollars affecting over 14,472 victims (Canadian Anti-Fraud Centre, 2014). Given this alarming statistic, it is worrisome that we as a society still ignore or turn a blind eye towards those who commit fraud as seen in the low conviction (Canada Revenue Agency, 2014), and focus our efforts on petty thefts as seen with the high rate of convictions
...only hear about the different ways that criminals are committing electronic fraud such as hacking in to somebody’s computer and stealing their credit or debit card information. There are also cases where peoples identities have been stolen and whole other lives have been built on them by another person. It all started with check fraud and although it’s not talked about as much anymore, it is still a very large concern for most business owners and people like you and me. The tips that have been provided for us can help protect us from fraud, but it is up to us to take the extra steps to prevent check fraud. We cannot sign up for check fraud protection the same way we could for credit or debit card protection or to help protect ourselves from identity theft. There are processes in place to help us once we’ve experienced check fraud but it is up to us to avoid it.
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...
About 15 million United States residents have their identities and information used fraudulently each year. Along the use of their identities, they also had a combined financial loss totaling up to almost $50 billion. Major companies such as Apple, Verizon, Target, Sony, and many more have been victims of consumer information hacking. In each of the cases, millions of consumers’ personal information has been breached. In the article “Home Depot 's 56 Million Card Breach Bigger Than Target 's” on September 18, 2014, 56 million cards were breached due to cyber attackers. Before the Home Depot attack, Target had 40 million cards breached. Company’s information is constantly being breached and the consumers’ are the ones who end up having to pay the price. If a company cannot protect the information it takes, then it should not collect the information.
Buckhoff, T. A., & Colson, R. H. (2003). PREVENTING FRAUD BY CONDUCTING BACKGROUND CHECKS. CPA Journal, 73(11), 52.
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.
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...
Hanson, J. R. (n.d.). Fraud or confusion? RDH Magazine, 19(4). Retrieved 3 15, 2014, from http://www.rdhmag.com/articles/print/volume-19/issue-4/feature/fraud-or-confusion.html
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/
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.
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”).
For years, cyber criminals have been using bank statements, discarded credit cards, tax invoices and other bills (normally found in trash) to gain access to personal information and assume false iden...
"Identity Theft and Your Financial Life." Daily Record [Baltimore] 23 Aug. 2004, Special to the Daily Record ed.: n. pag. eLibrary. Web. 6 July 2011.