Case Study- (Layout and Creation)

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Mississippi College *

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640

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Information Systems

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Apr 3, 2024

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docx

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Running Head: Case Study: (Layout and Creation) UNIVERSITY OF THE POTOMAC DACS640:7: Online Data Integration, Warehousing, Provenance, and Analysis Dr. Daryl R. Brydie Megha Makol

Case Study: (Layout and Creation) Introduction With more people using credit cards in their daily lives, credit card companies must take extra precautions to ensure the security and safety of their customers. The global credit card market revenue reached an impressive $152 billion in 2022, growing at a 9.1% annual rate, highlighting the massive scale of credit card transactions worldwide. The number of credit card holders worldwide has steadily increased to 1.25 billion in 2023, representing a 2.79% annual growth rate from 1.1 billion in 2018. (Caporal, 2019). Credit card holders in the United States number 166 million, while credit card holders in Canada number 36 million. Through the first half of 2023, 559,000 identity theft cases were reported. With 440,666 reports, credit card fraud was the most common type of identity theft in 2022. In the first half of 2023, 219,713 credit card fraud reports were filed. The fastest-growing type of identity theft is synthetic fraud. There are two types of credit card fraud. The first is when an identity thief opens a credit card account in a customer's name; reports of this fraudulent behavior increased 48% from 2019 to 2020. The second type is when an identity thief uses an existing account a customer had created, usually by stealing credit card information; reports of this fraud increased 9% from 2019 to 2020. These statistics piqued our interest because the numbers have been steadily increasing over the years, motivating us to solve the problem analytically by employing various machine-learning methods to detect. Literature Review: Scott, R. H., (2009) advises financial institutions that in today's world, the probability of problems arising from having and using credit cards is high and growing at an exponential rate. A list of credit card records and contact information is always a good idea. Unless and until the

Case Study: (Layout and Creation) actual problem with the credit card is reported to the credit card company, the credit card holder may be held liable for all purchases. Behavioral Review: Theories of behavior According to Hansen (2009), economic, business, and elite crime can be distinguished. Most of such crimes are committed by participants working in reputable financial institutions. Employees commit occupational or greatest crime for their own benefit rather than for the benefit of the company. According to Hansen (2009), people commit crimes because they lack self-control. Some of the key motivational and psychological factors that lead to financial crime are described by Duffield and Grabsky (2001). They stated that three factors can explain fraud: 1) An increase in the number of motivated criminals, 2) the availability of appropriate funds, and 3) the lack of security Phase: Business Awareness Credit card fraud occurs when a third party takes your credit card information to make purchases or steal funds. In the past, this usually happened when someone stole a physical credit card from you. However, thanks to today's online purchases and web databases, your card information alone can lead to identity theft. As previously stated, credit card fraud is increasing dramatically every year, and many people face the problem of having their credit cards breached by those fraudulent people, affecting their daily lives, as credit card payments are like taking out a loan. If the problem is not solved, many people will have large amounts of loans that they cannot repay, causing them to have a difficult life and not be able to afford necessary products; in the long run, not being able to repay the amount may result in them going to jail. Essentially, the proposed

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