The Pros And Cons Of Credit Card Fraud

Credit card companies are not aware and do not make credit cards that can detect skimming devices. While using the internet, becoming a victim of phishing is very common. Between January 2005 and January 2006, more than 190,000 different phishing scams were reported (Privacy Matters). Phishing works on consumers because of poor consumer education and awareness. According to a study done by Harvard University and UC Berkeley called “Why Phishing Works,” 90% of subjects in the study were unable to pick out a highly effective phishing e-mail when simply judging whether it was genuine (Privacy Matters). Even though all of these things are somewhat out of the credit card companies control there still should be actions from the credit card companies to prevent the use of the information stolen from being used.

Because of the Fair Credit Billing Act, individuals have more purchase protection using a credit card than with cash or a debit card (Williams, n.d.). Importance of this protection occurs when there are reasons to dispute charges such as when merchandise is not received, identity theft has occurred, or items are not charged correctly (Williams, n.d.). In addition, credit cards are invaluable in emergency situations from vehicle repairs to health issues (Williams, n.d.).

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

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

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

Credit cards are important financial instruments and they are often employed these days to fulfill the needs of financing important needs and requirements. People often use credit cards to buy necessary items as well as achieving access to luxurious ones that they cannot afford with their current savings. There are many things about credit cards that you may not have been aware of. Here, we inform you about the six things that you did not know about credit cards.

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.

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

Credit Card: A credit card is different from a debit card in the way that credit cards are allowing you to use money that isn’t yours. A debit card disburses money from your checking account directly, and even if it has a “Visa” or “Mastercard” logo on it, it is still coming out of the money you already have. Credit Cards typically charge you interest for using the money that is not yours. Just like the revolving line of credit, keep your balances below 50% to be in the clear, but ideally 25-30%.

‘’Founded in 1994 the EMV referred to Europay, MasterCard, and Visa, who together provided better card security.’’ (www.thebreif.com) Currently credit card fraud has been at an all time high in the years 2016 and 2017. This activity has skyrocketed since young teens and young adults have the idea of targeting adults and senior citizens, and using someone 's information to buy whatever the scammer desires. “The U.S. is responsible for 47% of the world’s fraud despite only accounting for 24% of total worldwide card volume.’’ (www.nasdaq.com) Credit card fraud has been a big problem, although through new security implementations such as chips and pin systems, the level of security associated with cards has improved. In the future credit card fraud may come to a stop, or at least slow down significantly. With this new security being implemented and new legislation laws credit card offenders may finally be brought to justice.

Credit cards and debit cards are both useful by people to provide them with money to spend. Even though they are very similar, both being a card with a 16 digit number, expiration date, and pin codes, they are both very different. Debit cards allow bank customers to spend money that they deposited in the bank with a card. Credit cards allow consumers to borrow money from the card issuer up to a certain limit in order to purchase items or withdrawal cash. While debit cards have little to no fees, unless overdraft if allowed, credit cards generally charge annual fees, overdraft fees, late payment fees, and plethora of other fees or penalties. In all, a debit card is better for you since its money from the customers bank and there is less fees than credit cards.

According to the Bureau of Justice, Identity Theft is Defined as “unauthorized use or attempted use of an existing account, unauthorized use or attempted use of personal information to open a new account, or misuse of personal information for a fraudulent purpose”. It is estimated that on average; 12.1 million US households experience identity theft annually, which it about 7% of the population. The average financial loss per incident is $5,130 and 64.1% of those reported identity thefts are solely credit card based. This equals to an annual 7.7 million people having their credit card number stolen costing them 41.3 billion dollars. Needless to say there is a major opportunity increased credit card security to

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.

There are many types of fraudulent acts. Fraud can be committed many ways which include mail, wire, phone, and the internet such as computer crimes and internet fraud. Internet fraud is something that we have all heard of many times before. With international dimensions of the web and ease with which users can hide their location , the difficulty of checking indentity , and the simplicity with which hackers can divert browsers to dishonest sites and steal credit card details have all contributed to the very rapid growth of internet

Given the lack of ability to inspect merchandise before purchase, consumers are at higher risk of fraud than face-to-face transactions. Merchants also risk fraudulent purchases using stolen credit cards or fraudulent repudiation of the online purchase. However, merchants face less risk from physical theft by using a warehouse instead of a retail storefront. Secure Sockets Layer (SSL) encryption has generally solved the problem of credit card numbers being intercepted in transit between the consumer and the merchant. However, one must still trust the merchant and employees not to use the credit card information subsequently for their own purchases, and not to pass the information to others. Also, hackers might break into a merchant's web site and steal names, addresses and credit card numbers, although the Payment Card