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Credit Card Fraud Essay

3314 words - 13 pages

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

PROBLEM 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 consumers.

INTRODUCTION
Credit card fraud is a form of identity theft which is critical and most simple and common form. Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose for doing this is to products without paying and, or to obtain unauthorized funds from an account. The cost of credit card fraud worth of transactions was 7 cents per 100 dollars in 2006.If you translate theses transaction would end up in billions of dollars.
Credit card fraud can be able performed by circumstance like the one we just mentioned, or it can happen when your credit card falls into the wrong hands. All a person has to do is get these out of your mailbox and mail them in with a change of address request and start spending. Someone can even apply for a credit card in your name if they have the right information. You won't know a thing about it until the credit card company tracks you down and demands payment for the purchases. Credit card fraud can be extremely terrifying. The terrifying picture about it is that people rarely look at their credit card statement. This means charges are often...

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