Credit Card Fraud Essay

Being a victim of identity theft myself, I know the struggles of dealing with this topic. The credit card companies are at fault because of their lack of security when it comes to credit card usage and existing information. Credit card fraud is the easiest to commit and the most common. The Bureau of Justice did a study in 2007 with 7.9 billion people surveyed on how many households with at least one member of the household has been a victim of identity theft. The statistics showed that existing credit card theft increased from 2005 to 2007 by 31% and with 6.6% of people, being

Many people receive unsolicited mail offering preapproved credit cards, but throw this mail away. Criminals can use this information to activate and use the credit card.

protect yourself from becoming a victim of credit card fraud and how to avoid traps that thieves

Across the United States, high school students can encounter a variety of issues that hinder their ability to successfully complete course work to earn the required credits towards graduation. High schools across the United States have an obligation to ensure that students are achieving and receiving a diploma. It is also in the school’s best interest to ensure students are gradating both funding wise and for the overall school rating. When a student does not receive a high school diploma the action affects the student, community and the school. High school dropouts may find it harder to obtain a job that would provide a stable and productive income verses a high school graduate thus, the financial disadvantage in turn can cause

In January 2007, TJX Companies Inc. released a statement to the press that an estimated 40 million of their customer’s credit card accounts had been compromised (although final reports state that over 94 million accounts were affected) (Berg 2008). Through the company’s POS (Point of Sales) system, credit card information was stolen by a ring of hackers and approximately $4.5 billion spent on these cards (Berg 2008). What the hackers did was intercepted the credit card information from customers who swiped their cards at the store and then created their own physical cards using this information. Then they sold the credit cards to people, who turned around and used these cards at retail stores, like Walmart (Agrawal 2011). Three areas of weakness within the company’s IT systems that allowed for an attack of this scale were: inadequate wireless security, improper storage of customer data and failure to encrypt customer account data (Berg 2008).

One reason identify theft is being a fast growing crime in the United State is because; more people credit card information is being stolen. Around 10% of American has fallen victims to credit card theft. Around 7% of Americans have been victim of debit or ATM fraud and 12% of the fraud was on internet websites and 10 % was on the telephone. One example of identity theft was eighteen months after moving in with his fiancée Joe Tremba begain to receive collection letter about past due credit card account that have been given to a collection agency. Tremba who always pays his bills on time was

This evaluation is focused on a school district with 3, 000 high school students in New Jersey. The statistics were gathered from the student management system for this school district the 3,0000 high school students attend two high schools {High School “A” and High School “B”} during the 2014-15 school year. The racial makeup consists of: high school “A”, 78.6 percent of students identified as white, 14.8 Hispanic, 3.3 percent black and 2.7 percent Asian. At high school “B”, 82.8 percent of students were white, followed by 8.4 percent Hispanic, 5.5 percent black and 2.6 percent Asian. The overall graduation rate at High School “A” was 80 percent, and at High School “B”, 87 percent of students graduate.

Identity theft is the least understood of all problems, though this assumption of our identities for fraudulent purposes is the most alarming of all problems. It is the most rapidly growing crime in the United States. It is quite complex, and this is how fraudsters work. A fraudster gets hold of your personal information, including your social security number and the numbers of your credit cards, among others. It is not so difficult if you are not careful. He/she assumes your identity, runs up astronomical bills, and leaves you holding the bag. This leaves you with a credit record that is totally ruined, and creditors at your door screaming for their money.

As I would see it, the quantity of individuals who fell casualty of data fraud in 2014 is still far too high considering that everybody should think about distinguish robbery and the straightforward approaches to help shield themselves from this risk. For example, don't react to messages from individuals or organizations you don't have the foggiest idea, on the off chance that you get an email from your bank, get back to the number on the of your card and not the one gave to you in the email, have hostile to spyware and against infection insurance on your PC, and dependable ensure that the site you are utilizing is a secured site.

A criminal may take out a loan, purchase a vehicle or even obtain a credit card in their victim’s name accumulate debts. Sophisticated career criminals may even establish a full identity or apply for a mortgage in the victim’s name. Credit card fraud is the most common identity theft crime because it is relatively easy to apply for financial services online. Once obtained, the criminal can simply purchase items online without ever having their ID checked by a cashier. Because these crimes are so common, the three major credit reporting agencies, Equifax, Experian and TransUnion, make it relatively easy to file complaints and correct credit

Identity thieves send out letters, emails and SMS’s hoping to ‘phish’ information from you pretending to act on the behalf of a bank or other institution by creating spoof websites. The scammers also install programs onto your computer or other devices through software downloads such as apps which then track online activity of people and report the keystrokes used when on banking or online shopping websites where credit card information is entered. The perpetrators of these crimes also monitor social media sites such as Facebook and Twitter and also job search sites to gather any personal details they can use to open financial services in your name, run up debt and apply for other various

Identity theft could be a person opening a credit card in their mother’s name. Regardless of who someone is to them, if that person did not receive permission, it is theft. Stealing someone’s identity could result in ruining their credit and financial status. Because identity theft is becoming common, banks and other companies are working to protect their customers and help then get their identity back. To prevent identity theft, it is recommended that people stay updated on credit history and constantly check their credit

We live in a world that is filled with criminals and con artists. They are always larking to find their next victim. This is an easy way for them to obtain sensitive information, make money and purchases that will benefit them while making your life complicated. From a personal experience, someone stole my credit card information and personal information. This person rented a U-Haul truck and kept it for months and decided to make purchases at Home Depot. I was stuck with the task of contacting the credit card companies and the authorities. You are forced to prove that you are not the person that authorized payments and purchases. You are subject to denial while trying to obtain credit from other companies. Sometimes it isn’t always a cut and dry situation to get through, but can be a very time consuming and expensive process.

In today’s economy, cash or a credit card is needed to meet the basic human needs. It is an apparent fact that we need cash or credit cards to purchase items such as food, clothing, and to buy gas. Also, when you are out shopping and discover that you have used all the cash in your possession, it is then that you realize that the advantage of having a credit card. Furthermore, with cash, you are restricted to the amount in your wallet or purse; however, a credit card allows you to pay for your purchase at a later date. Both cash and credit cards can be useful when you manage them wisely. While cash and credit cards are similar in that they both are readily accessible, used for goods and services at the time of purchase, they are dissimilar because of theft, high- interest rates, identity theft.

The less sophisticated thieves have perfected the art of “dumpster-driving” rummaging through trash. Abusing employer’s authorized access to credit reports or some even playing ‘landlord’ has given them unauthorized access to victim’s reports. Some victims have been scammed fro information by an identity thief posing as a legitimate businessperson or government official. In the most recent news from Concord, NC (Aug. 19, 2004), the police have uncovered a more sophisticated case of ID theft. The newspapers stated, “Authorities think a portable credit card reader, or skimmer, was used to read personal information off a credit card’s magnetic strip. Then those details were applied to the strip on the back of a different cared.”