World Wide Credit Card Fraud

Being a victim of identity theft myself, I know the struggles of dealing with this topic. The credit card companies are at fault because of their lack of security when it comes to credit card usage and existing information. Credit card fraud is the easiest to commit and the most common. The Bureau of Justice did a study in 2007 with 7.9 billion people surveyed on how many households with at least one member of the household has been a victim of identity theft. The statistics showed that existing credit card theft increased from 2005 to 2007 by 31% and with 6.6% of people, being

Fraud is, unfortunately, a very common thing. Fraud occurs in many different ways and through many different mediums. It can happen to just about anyone, sometimes without you even knowing that it is happening. Some people are more vulnerable than others, but there are ways to avoid being targeted that everyone should be aware of.

There is a thief that lurks around us everyday; this thief can attack in brad day light or in the darkest hour, and just about anywhere you may find yourself. This thief has the power to act in your name, make unlimited purchases, open up credit accounts and ruin your good name and credit all in the matter of seconds; if you are vulnerable enough, you might become his next victim. In many cases all he needs is your name and a social security number, and he has enough information to make you his next victim; if you don’t believe me then ask the millions of Americans that became victim’s, or just ask me. The thief that I am talking about is identity theft. Identity theft is a

Student Answer: There are several methods to a crook use to steal your identity. Some crooks are using credit cards and drivers licenses with identities lifted from a stolen or forged passports a crook can be one that is pilfering your credit card number and charging merchandise to your

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

And that's just in the United States. The card has become more secure and can be managed in the palm of your hands. From freezing your account to making deposits it can be even more secure to making online, over the phone, and on your phone/apps by the touch of your phone. That's how the credit card evolved from being a cardboard to cheap flammable plastic and now a card you can wear out. In the end the credit card was invented by a man that couldn’t pay his bill in a restaurant and thought of one of the best thing that people nationwide could use and that forever changed the way we paid for

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

The major retailer Target had an online security breach in 2013, which resulted in a loss on $3.2 million dollars in a single day. Almost 4 million credit card and debit card information were compromised Hackers infiltrated(DdoS) the servers of the online store during peak shopping time and implemented several bots to mislead customers to put their credit card information into a wrong location. Within hours all the information was recorded and this led to the biggest credit card fraudulence in recent times. What to take away from this incident? Not even the major corporations are safe from cyber attacks and lack better cyber security. Retailers’ revenue lost to online fraud increased over the past two years to reach an estimated $3.5 billion, an up of 3% from $3.4 billion in 2011(Cybersource 2013). A pie chart below demonstrates the distributions of the targets due in cyber

U.S. consumers remain addicted to credit. Consumer debt continues to rise to record levels and a significant number of households have lost control of their finances. Credit cards can be a useful financial tool when used appropriately. However, research clearly indicates that consumers are not using credit cards wisely and consumers do not understand the terms and conditions of the credit card contract. Adding to this public dilemma, the practices of numerous credit card issuers have been described as predatory. The Credit CARD Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, is the first major reform of the credit card industry since the Truth in Lending Act of 1968. The Credit CARD Act of

That someone made a duplicate copy of the card so that someone else could use it. We didn 't find out about the fraud until the credit card company called. They started by asking if any of us had traveled to China lately. My parents were like...China? Apparently the duplicate copy was being used (very frequently) in China, the user had racked up thousands of dollars in credit card purchases. We couldn 't believe it! Fortunately we had fraud protection on the card so we didn 't lose any money, but it was unbelievable to see just how easy it is to steal credit card information. My other personal experience with credit card fraud was much more recent. I am an avid eBayer, therefore I put my PayPal account to good use; I even have a PayPal plus credit card that allows me to get rewards towards eBay purchases. One day I was online looking at my credit card statement when I noticed a purchase equaling $150.00 that I didn 't make. It was to an art store located in San Francisco. I called PayPal and reported the charge, they instantly gave me my money back (which made me very happy) but I honestly don 't know what ever happened to the person who charged the card. I went through an intricate process of changing my information and my passwords on PayPal so that the individual couldn 't get into my account again, but nothing ever happened beyond that. The only lesson that can be

Identity Theft is the assumption of a person’s identity in order to obtain credit cards from back account and retailers; the crime varies from stealing money from existing bank accounts; renting apartments or storage units; applying for loans or establishing accounts using another’s name (legal dictionary, 2007). Identity theft and identity fraud are terms that are often used

In order for a person to commit credit card fraud they need to knowingly obtain, possess, use, or transfer a means of identification or financial information of another person. That person can be either living or dead, and they must do this with the intent to commit, or to aid or abet, any crime. Either the accused or an accomplice can use the credit card and if the total accumulated from credit, money, goods, services, or anything else in value is greater than one thousand five hundred dollars than it constitutes identify theft in the first degree which is a class B felony (Leagle, 2004). If the total is less than one thousand five hundred dollars in value, or no credit, money, goods, services, or anything of value is obtained it constitutes

The less sophisticated thieves have perfected the art of “dumpster-driving” rummaging through trash. Abusing employer’s authorized access to credit reports or some even playing ‘landlord’ has given them unauthorized access to victim’s reports. Some victims have been scammed fro information by an identity thief posing as a legitimate businessperson or government official. In the most recent news from Concord, NC (Aug. 19, 2004), the police have uncovered a more sophisticated case of ID theft. The newspapers stated, “Authorities think a portable credit card reader, or skimmer, was used to read personal information off a credit card’s magnetic strip. Then those details were applied to the strip on the back of a different cared.”

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

Just in the last few years, hundreds of millions of credit card numbers have been stolen,