Questions On E Commerce Fraud

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E-commerce fraud refers to any type of scheme that uses websites, emails, or any Internet related function in order to present fraudulent solicitations, steal personal information, conduct fraudulent transactions, or transmit money from bank to bank or to other cyber criminals. Fraud is not exclusive to credit or debit cards and criminals have become more sophisticated in their usage of malware in order to take over online banking logins via consumers’ phones, tablets and computers. The stolen banking information is then used to make fraudulent purchases online that is nearly untraceable. There are different places e-commerce fraud comes from including, identity theft, friendly, clean, reshipping, affiliate, and auction fraud.
Identity theft is a crime where criminals steal individuals’ personal information and impersonate them, usually for financial gain (Beal, 2016). Today’s consumers’ have to reveal their personal information about themselves more than they would like, such as social security numbers, names, addresses, phone numbers, banking information, and their signatures. When a criminal gains access to this personal information they can use it to commit fraud in your name. This person can now apply for loans or credit card accounts. They could also request a billing address change in order to run up your existing credit card without a consumer’s knowledge (Beal, 2016). Criminals armed with your banking information can counterfeit checks and debit cards in your name,
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