CREDIT CARD FRAUD. TYPES OF CREDIT CARD FRAUD Counterfeit credit card use. Card lost or stolen by the card holder. Fraud committed without the actual.

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Presentation transcript:

CREDIT CARD FRAUD

TYPES OF CREDIT CARD FRAUD Counterfeit credit card use. Card lost or stolen by the card holder. Fraud committed without the actual use of a credit card. Fraud committed on cards not received by the legitimate cardholder (non-receipt fraud). Cards fraudulently obtained by criminals who have made false applications.

GENERAL INFORMATION Credit Card Fraud is defined as a transaction which was not made by the actual cardholder. This type of fraud can be committed in many different ways as listed in the types of fraud slide. Even if your card is stolen or lost VISA and MasterCard now have a zero liability policy. VISA and MasterCard both have added many new security features on their cards now. Studies have now shown that 10% of Americans have been victims of credit card fraud.

TABLE OF CREDIT CARD LOSSES IN 2005 Category$ LossNumber of accounts $ Avg. Loss per account Lost$ 14, 771, 08025, 363$ Stolen$ 26, 112, 62340, 827$ Non receipt$ 7, 856, 4113, 803$ 2, Fraudulent applications $ 8, 909, 5804, 872$ 1, Counterfeit$ 126, 824, , 795$ 1, Fraudulent use of account $ 88, 364, , 911$ Not defined$ 7, 305, 4145, 069$ 1, TOTAL:$ 280, 143, , 640$

TIPS OF HOW TO PROTECT YOUR CREDIT CARDS Never leave your cards unattended or out of sight. Protect your Personal Identification Number (PIN) and security code. Always check your card when it is returned to you after a purchase to make sure it is yours. Report lost or stolen cards immediately to your card company. Always sign the back of your card. Always check your monthly statement carefully. Never lend your credit card to anybody.

HOW CREDIT CARD FRAUD WORKS People will call you to approve a transaction and then ask for your 3 digit code. Merchants apply a card reader/transmitter to the card swipe and saves all the info on a computer. People others pretending to be official workers and then ask for your card info.

VISA AND MASTERCARD SECURITY FEATURES New chip and PIN feature requires members to scan their cards or provide their card number to purchase anything along with entering a secure code number. Members are also required to sign the back of the card for purchases. Card members must provide the 3 digit code on the back of the card to verify that they are the actual cardholder. Cards by VISA and MasterCard also have detection features so if anybody has tried to change the signature on the card it will become VOID.

RELATION TO E- COMMERCE The relation of credit card fraud to e-commerce is that people everybody that buys online uses credit cards and that is how they are fraudulently used.

CREDITS: SOHAIL DHAM SHAWN ZHANG