Why Do Terrorists Use Credit Cards?

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.).

Criminal activity and terrorist activity have a relationship that is closely related, with only minor differences separating the two. Terrorist activity are criminal acts that are motivated by a higher cause beyond the basic causes of crime. Terrorist attack are highly planned out, and the same can be said about criminal activity. Serial killers often plan out their acts just as much as terrorist organizations, however the same cannot be said for certain crimes like random assaults. (Newman & Clarke, 2008) The relationship between crime and terrorism is brought closer when terrorist organizations use common crime to fund their attacks. For example, a terrorist organization may resort to stealing chemical agents to make their dirty bombs. The

Curbing the supply of funds to these organizations has been a major part of past efforts to counter international terrorism. The effectiveness of existing legislations and treaties and need for and nature of further measures are issues that need to be discussed.

Terrorism has been an issue of great concern in the United States and the world in general. The US government has the mandate to protect its citizens from terrorism and provide them with security in general. There are therefore measures that can be put in place so as to counter terrorism acts. The federal government can impose some sanctions that can be used as a means of countering terrorism acts. These sanctions can be directly on an individual or to specific countries are linked to acts of terrorism. One sanction is the blocking of property and prohibition of transactions with any person who commits, or threatens to commit or is in support of terrorism. This is in particular in the form of financial sanctions for people especially aliens or foreigners who are in support or in association with foreign terrorists. Therefore these people will not get any form of finances that they can use for planning nay of their intended terrorism attacks (U.S department of the treasury, 2012).

Terrorist use their funding for two specific reasons to set up attacks and maintain their terrorist network and membership. Terrorist obtain their funding from self-funding, various crimes committed, and multiple banking systems (Danziger, 2012). All of the funds listed above has an estimated value of approximately $30 million per year. Approximately $400,000-500,000 was spent on the September 11 attack (Danziger,

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.

Consumers use credit cards for numerous reasons. Those reasons are: the earning of cash back, safety, points and frequent-flyer miles, universal acceptance, and to build credit (Investopedia.com). Credit cards can allow for cancelations a payment on a service that did not meet the expectations of the consumer, which is really beneficial. However, consumers own a few too many credit cards that all have different interest rates. The reason credit debt is so astronomical, is because consumers are paying the required minimum payment

Terrorism and crime are positively linked according the Steven McCraw, Assistant Director of the Office of Intelligence with the Federal Bureau of Investigation. McCraw. gave testimony before the Senate Judiciary Committee in Washington DC stating that International and Domestic Terrorism Organizations and those who support them, engage in a myriad of crimes to fund and facilitate terrorist activities. These crimes include numerous deviant acts such as extortion, kidnaping, robbery, corruption, document fraud, arms trafficking, cybercrime, white collar crime, smuggling of contraband, money laundering (McCraw, 2003). Money and financing from drug trafficking most certainly are at the root of all the crimes being plotted and commit by top terrorist

We use credit cards in our every day life. Whether we 're buying clothes, buying a meal, or paying for our child 's schooling, owing money to the credit card company is nearly unavoidable. That Visa credit card can become very heavy in our wallets

Terrorists gain money through illegal activities such as front companies, drug trades, and kidnappings. Terrorist leaders such as Osama Bin Laden have been known to own chain stores throughout the Middle East, using them not only for money laundering but as a safe route to move and store weapons (Kaplan). In addition to this, these organizations tend to share in illegal oil profits and loot banks and market goods. Not only are these methods illegal, they are unethical, too. Kidnapping has been found to produce high profits for many of these groups. Holding hostages for ransom forces desperate family members into giving away huge sums of money in order to keep their loved ones alive. While the ways in which groups like these attain their money is disturbing, families are desperate to feed their children and themselves. On the other hand, many people are unaware of these illegal methods and know only of the charities that support the terrorist organizations. Charity is a big aspect of Islam, and there are thousands of charities through the Middle East. While as few as a hundred charities may sponsor terrorism, these are some of the wealthiest charities (Kaplan). The high amount of money flowing into these organizations leaves little for the rest of the population who have almost no way of attaining income at

In the past, terrorism used to be funded by state organizations or by crime. Since terrorism does not operate in one state and cannot collect taxes, it is now better financed through both legal and illegal sources. “More than $140 million in terrorists' assets have been frozen across some 1,400 bank accounts worldwide, but experts say terrorist groups have become increasingly adept at eluding detection through use of cash, sophisticated laundering operations, or legitimate front companies” (Kaplan, 2006). Terrorism has found ways to keep a steady flow of income and to stay undetected.

legal and illegal sources of terrorist financing will be explained in detail. The financing of terrorism concept will be explained.

The Federal Bureau of Investigation defines terrorism as, “the unlawful use of force or violence against persons or property to intimidate or coerce a government, the civil population or any segment thereof in furtherance of political or social objectives” (FBI, 2010). Although the threat of terrorism is high and will remain so for the foreseeable future, terrorism risks remain difficult to quantify. In order for a risk to be readily insurable, insurers must be able to estimate the possible or probable frequency and severity of the

Those who were born in the 1980’s and 1990’s could easily remember how destructive the September 11th attacks were. An attack of that magnitude required large amounts of money and a great deal of money laundering. Terrorist attacks, however, has always been a problem from the past. That being said, there is a law that was passed in the past when terror financing was first detected and that is the Bank Secrecy Act of 1970 which flags suspicious transactions (“History of Anti Money Laundering Laws,” 2015). History has shown that when acts of terror financing is committed, the amount is relatively large. In order words, the law requires every cash transaction of 10,000 dollars or higher to put a block on the transaction (“History of Anti-Money laundering Laws, 2015). Just because a cash transaction is 10,000 or higher, it doesn’t always mean the act is suspicious. One may be taking cash out to purchase a vehicle or home. That being said, bankers are required to follow the second step, which includes the investigation of the person committed (“History of Anti-Money Laundering Laws, 2015). There’s a possibility that anyone who is involved with large transactions that terrorist are committing acts of terror financing. That, however, is not always the case. Assuring the identity of a person in a cash transaction will release all sorts of information about their residence, including their address and phone number. If needed, the officials have an opportunity to conduct investigation by calling or visiting their location. The last and final procedure that has to be taken in a 10,000 or higher transaction is to keep track of paperwork (“History of Anti Money Laundering Laws,” 2015). Throwing away every piece of documentation of a transaction of 10,000 or lower is not always a smart move. Many of times, terrorists may use smaller transactions that’s less than 10,000 dollars just 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.