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Credit Card Fraud
Fraud is one of the major ethical issues in the credit
card industry. Credit card fraud is the unauthorized use of a credit or debit
card, or similar payment tool (ACH, EFT, recurring charge, etc.), to
fraudulently obtain money or property. Credit and debit card numbers can be
stolen from unsecured websites or can be obtained in an identity theft scheme.
Since the evolution of the internet, many small and
large companies Shave moved their businesses to the internet to provide
services to customers worldwide. Credit-card fraud is increasingly rampant in
the recent years for the reason that the credit-card is majorly used to request
payments by these companies on the internet. Therefore the need to ensure
secured transactions for credit-card owners when consuming their credit cards
to make electronic payments for goods and services provided on the internet is
Who are the credit-card fraudsters?
- Credit-card information buyers:
They are fraudsters with little or no professional computer skills (e.g.
Computer Programming, Networking, etc.) who buy hacked (or stolen) credit-card
information on an illegal “credit-card sales” website.
- Black hat hackers: Recent
research on Hackers in terms of Computer Security ned a “black hat
hacker” (also known as a cracker) as a hacker who violatesde computer
security with malicious intent or for personal gain.
- Physical credit-card stealers:
They are the type of fraudsters who physically steal credit-cards and write out
the information on them. They physically steal these plastic credit-cards
(maybe by pick-pocketing in a crowded place) and write out the credit-card’s
information with the intention of using this credit-card information to make
electronic payment for some good and services on the internet.
Tips for Avoiding Credit Card Fraud:
- Don’t give out your credit card number online
unless the site is secure and reputable. Sometimes a tiny icon of a padlock
appears to symbolize a higher level of security to transmit data. This icon is
not a guarantee of a secure site, but provides some assurance.
- Don’t trust a site just because it claims to
- Before using the site, check out the
security/encryption software it uses.
- Make sure you are purchasing merchandise from
a reputable source.
- Do your homework on the individual or company
to ensure that they are legitimate.
- Obtain a physical address rather than simply a
post office box and a telephone number, and call the seller to see if the
telephone number is correct and working.
- Send an e-mail to the seller to make sure the
e-mail address is active, and be wary of those that utilize free e-mail
services where a credit card wasn’t required to open the account.
- Consider not purchasing from sellers who won’t
provide you with this type of information.
- Check with the Better Business Bureau from the
- Check out other websites regarding this
- Don’t judge a person or company by their
website; flashy websites can be set up quickly.
- Be cautious when responding to special
investment offers, especially through unsolicited e-mail.
- Be cautious when dealing with
individuals/companies from outside your own country.
- If possible, purchase items online using your
credit card. You can often dispute the charges if something goes wrong.
- Make sure the transaction is secure when you
electronically send your credit card number.
- Keep a list of all your credit cards and
account information along with the card issuer’s contact information. If
anything looks suspicious or you lose your credit card(s), contact the card