Essay on Credit Card Fraud - 4202 Words

Help (new window) Logout | Monash Email Help | ------------------------------------------------- Top of Form Bottom of Form * Basic * Advanced * Topics * Publications * My Research 0 marked items | ------------------------------------------------- Top of Form Interface language: | | | Bottom of Form | Databases selected: Multiple databases... | ------------------------------------------------- Top of Form Document View | | | Print | Email | Copy link | Cite this | Mark Document | Translate document from:†¦show more content†¦Fraud can occur in many ways, either through the loss of a credit card or through other fraudulent applications by the perpetrator. We also describe the perpetrators along with some characteristics common to fraudsters. The hope in this paper is to build more awareness to the reader about this growing problem and to offer insight which will aid individuals and merchants from becoming victims of credit card fraud. Statistics from the Association of Certified Fraud Examiners (ACFE) show that credit card fraud has reached the $1 billion mark and is growing. By the end of 2007, it is expected to reach the $3 billion mark in the US alone ([4] ACFE, 2007, p. 1.104). The availability of shopping over the internet has raised new concerns. Internet shopping continues to grow and there has been a 22 percent increase in spending in 2005 as compared to spending in 2004 ([4] ACFE, 2007, p. 1.104). Total internet spending has reached $143.2 billion in 2005 and surveys have shown that about 90 percent of all internet purchases are paid online with a credit card. Fraud occurs on approximately 5 percent of all internet purchases. What makes the internet so susceptible to fraud is the lack of face-to-face interaction with the fraudster, which allows for more anonymity and makes prevention and detection more difficult. During 2006, there were 207,492 complaints filed online with the Internet Crime Complaint Cen ter - [18] IC3 (2006, p. 3). During 2006, internet auctionShow MoreRelatedCredit Card Fraud1910 Words   |  8 PagesRunning Head: Credit Card Fraud Impact of Credit Card Fraud Outline Card Credit Fraud Thesis Statement: Credit card fraud is an inclusive term for larceny and deception committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to attain goods without paying, or to achieve illegal resources from an account. Credit card fraud is also an appendage to identity theft. According to the Federal Trade Commission, while identityRead MoreCredit Card Fraud Essay3025 Words   |  13 PagesCredit Card Fraud: Overview, Analysis, and Recommendations Credit card fraud is a significant problem in the U.S. with losses exceeding $5.718 billion annually (Sullivan, 2010). 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