Credit Card Fraud Essay

2919 Words12 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.…show more content…
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 unnoticed. part though is that people rarely look at their credit card statements. TYPES OF CREDIT CARD FRAUD Physically Stolen Cards The primogenital procedure of credit card fraud is the brave robbery of physical cards by offenders. Customers are vulnerable to robbery in any site where they are combined by outsiders the bank, the superstore, even a busy city street. Expert thieves have skilled themselves to notice symbols of interruption and change in for the slaughter when it seems that you are not disbursing consideration. Taking your credit cards by such people leaks you to all method of scam.
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