Credit Cards : The Number Of Victims Of Credit Card Scams

However, they are extremely controversial. People tend to have extremely strong opinions about credit cards. On one side, we have those who vehemently criticize credit cards as the modern evil that has brought financial ruin to so many Americans. At the other extreme, we have those who see credit cards necessary instruments for establishing and improving one's credit history and for learning financial restraint ("Credit cards," n.d.). So, which side is correct? Do credit cards spell financial doom or are they a useful and valuable tool in our society today? In order for us to honestly answer these questions, we must fully understand the advantages and disadvantages of credit cards. First, think about some of the possible advantages of having credit cards. The first thing that comes to my mind is convenience. Credit cards are so tiny that they can easily fit in your pocket. Also, most places readily take credit cards these days. And we cannot forget that credit cards can minimize our need to count money at the cash register or to wait to buy that must-have product until we get our next paycheck. Therefore, it is accurate to say that credit cards are relatively "convenient to carry and use" ("Credit cards," n.d., Pros section). Moreover, credit cards are accepted in quite a number of foreign nations, making traveling or online purchases a whole lot simpler. Credit cards also give you much more peace

Nowadays, almost people are used electronic payment cards such as credit card, debit card and so on. Credit cards are more popular than other electronic payment cards because it not requires saving money first in the user bank. According to Vera Birukova (26/12/2017), “a credit card allows you to borrow money to pay for things. There will be a limit to how much you can borrow called your credit limit. At the end of each month you can either pay off the full amount you owe or pay defined minimum proportion of the bill by a due date.” There are many advantages for using it because we can buy things in another country without having to worry about local currency. We can make purchases with it on online, can save money for transportation, and can’t waste a time. Many credit cards offer some type of insurance if your purchase is stolen. But there are many disadvantages for using it because it can take some crimes such as fraud among cardholders. “The biggest disadvantage is that they are inviting cardholders to spend more money that they don’t yet have. It is far too easy to spend more than you can afford using a credit card. Credit cards can be stolen, as can cash. They may be physically stolen or someone may steal your credit card number from a website, over the phone etc.” (Vera Birukova, 26.12.2017)

Fraud can occur in many ways, either through the loss of a credit card or through other fraudulent applications by the perpetrator. We also describe the perpetrators along with some characteristics common to fraudsters. The hope in this paper is to build more awareness to the reader about this growing problem and to offer insight which will aid individuals and merchants from becoming victims of credit card fraud.

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.

In the article “Credit or debit: pick your plastic,” by Lisa Gerstner, the issue the author writes about is the importance of consumers knowing the difference between debit cards, credit cards and prepaid cards. If consumers do not understand the difference between the three cards and the way to use them, they could end up in financial disaster. If the consumer understands the card, then it can be useful and can be used to the consumer’s advantage.

Customers: Current private banking clients are wealthy and profitable. There was a striking income inequality in Romania, with top 10% of households by income had around 24% of the wealth. There was an increasing level of disposable income in Romanian consumer market. One-third of Romanian households were now interested in buying luxury goods from Europe indicating that there were rapid economic growth and rising income among the middle and upper-middle class. These potential customers were the ones who had net incomes of at least €500/month and they were the ones which were career-oriented professionals and were image conscious and would go for goods and services that would match their status. These customers were the most suitable for credit card issuers. They were more likely to be experienced with low consumer debt and were least concerned about annual fees. They were also most likely to use their cards with greater frequency and for higher-average tickets. Middle-class households who were potential credit card customers, earned over €200 monthly. They were a mix of young professionals and families that valued quality and were more interested in compromising and making price-driven decisions. But the actual card utilization by the middle-class consumer was significantly lower. Serving the middle

In our current world, there are many different consumer problems that are taking place at an increasing rate. These issues are occurring through a wide range of services from retail service consumer problems, auto consumer problems, credit consumer problems, and many more. The one consumer problem that has caught my attention on multiple occasions this year would be Internet Fraud as a whole, especially on social media. The Internet has rapidly become something that is widely used by many people all over the nation and world, sweeping and striping our societies of money. People now run companies, and businesses through social media as well. Many occasions have taken place where things are misrepresented on the Internet, and that's typically how fraud takes place. Internet sales and fraud can be shown through online ordering. There have been multiple cases where a buyer would purchase a product online and unfortunately the item is never delivered to the purchaser.

The greatest competition for American Express in the charge card and credit card arena is offered by Visa and Mastercard. In the Wall Street Journal in the September 22, 2005 issue, Robin Sidel points out that a lot of shoppers are simply using their visa debit cards instead of credit cards. Although a Visa check card is not a line of credit, the Visa feature can be used for purchases that traditionally were only available by using a credit card account. Why is this wise? Credit cards have developed a bad rap over the past few years. Young people are listening to those around them talk about how they are swamped with credit card debt. Some are hesitant to even apply for cards. And if they do apply, they will often do it through their retail

Soman and Cheema (2002) conducted a study to measure consumers’ willingness to use credit to finance current consumption. They examined the size of the credit limit and the propensity to spend when the consumer believed the credit limit represented future earnings potential. This was referred to as the consumer’s credibility of the limit. The coefficients used in the study were age, years using credit, experience, number of credit cards owned, extent of usage, predicted credibility of the limit and credit limit. The two-stage least squares regression results indicated that consumers’ beliefs regarding credibility decreased with age, experience and the number of credits cards held by the consumer. Age, experience and the number of credit cards held were negative coefficients in the regression analysis. The credit limit x credibility coefficient was positive in the regression analysis, which suggests that the effect of the credit limit on spending increases as the credibility of the limit increased. The study determined that credit limits influenced spending decisions positively but only when the consumer’s credibility of the limit was high. The study also determined that naïve consumers were affected the most by increased credit limits. Older and more experienced consumers did not continue spending as much when their credit limits increased in comparison to younger and less experienced consumers.

The study shows that at least 70% of families living in the United States have one or two credit cards (Berezina, et al, 2012). This is a vast number of users using credit cards, and as stated in the beginning, more people are buying more online and using credit cards for the majority of our purchases.

In the modern era, credit card is being the efficient and secured form of payment which is becoming a necessity for every individual rather than a choice. Especially in United States of America, credit card is being considered as an essential part of life. Since the introduction of Credit cards back in 1920s, the payment system has been revolutionized and there has been a major transformation in the American economy. However, the excessive use of the credit card has resulted in a crisis which is affecting not only the individuals but whole of the country’s economy.

Credit cards are like the most important element in our daily life at the present time. Many of us have credit cards. In fact, there is no wonder that why these cards are so much relevant in our present life. Credit cards have made our life easier and trouble-free as we can use them at any place. From hotel booking to air travel, you can utilize these credit cards as an important asset.

In the same way college students struggle with the same problems as those in their 40s. On college campuses, “70 percent of college students possess at least one credit card” (Norvilitis). The trend towards credit cards is not only a college problem; Americans with a summation of different economic situations in general have increased the number of credit cards they have. The concept of buying whatever you covet when whenever inclined is a considerable selling point.

The credit card is an adaptable repayment tool accepted at over 30 million locations worldwide as it has turned into a good choice for cash. On many events, situations come up where you will need more cash than what exactly are immediately available. Emergencies such as a home or car vehicle repairs, medical expenditures, travel for a family group crisis, are achievable instantly with a greeting card. Such credit spending should be achieved with a short-term

From the given data, twenty-one among twenty- five of the respondents answered that they use credit cards for emergency purposes. Two answered that they avail credit cards because they sometimes do not have cash on hand, one said that it is for the purchase of basic commodities and lastly, one said that the primary reason why he avail credit card is because of crdit card offers.It is noticeable that most of them prefer using credit cards for emergency purposes, on the other hand, the remaining number of people under consideration use credit cards for personal purposes and for the want of having promotional offers.