Critically elaborate on any four (4) implications of credit card fraud?
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Critically elaborate on any four (4) implications of credit card fraud? Who pays for credit card fraud? Where does credit card fraud generally occurring?
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- Explain any two (2) credit card schemes used by fraudulent actors. Discuss any three (3) strategies implemented by financial institutions to overcome credit card fraud.What are the three different types of Check Fraud.What steps could you take to protect your customer and the bank from check fraud?Define the following and give 1 actual case as an example for each type of fraid and methods of prevention.a) Counterfeiting Fraudb) Credit Card Fraudc) Embezzlement d) Insider Trading
- What are the ways to escape financial fraud? And why is it important to prevent it? Please include references.“Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?How do fraud symptoms help in detecting fraud?
- What bank regulations are designed to reduce moral hazard problems created by deposit insurance? Willthey eliminate the moral hazard problem?The fraud scheme that is similar to the ‘‘borrowing from Peter to pay Paul’’ scheme is a. expense account fraud. b. bribery. c. lapping. d. transaction fraud.Why would a financial institution’s PEP customers be required to provide documentation to evidence their source of wealth and/or income? In other words, what type of fraud would PEP clients more likely be associated with than the non-PEP customers? Why would they need to launder their money?
- For the merchant, bank credit card sales are treated in a manner similar to? Cash Sales?Advantages and disadvantages of accepting debit and credit card transactions as opposed to accepting personal Cheques from customers? (Consider both internal control and business reasons)The fraud triangle asserts that the following three factors must exist for a person to commit fraud.A. Opportunity B. Pressure C. RationalizationIdentify the fraud risk factor (A, B, or C) in each of the following situations. No one matches the cash in the register to receipts when shifts end.