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Credit Card Fraud and Prevention

Credit Card Fraud and Prevention. By: Jason Baltazar MIS 304. What is credit card fraud?. Credit card fraud is theft and usage of another person’s credit card for an unauthorized transaction.

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Credit Card Fraud and Prevention

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  1. Credit Card Fraud and Prevention By: Jason Baltazar MIS 304

  2. What is credit card fraud? Credit card fraud is theft and usage of another person’s credit card for an unauthorized transaction. The purpose may be to obtain goods or services without paying, or to obtain unauthorized funds from an account.

  3. Credit Card Fraud By the Numbers IC3 (Internet Crime Complain Center) reports that there were 275,284 complaints of internet crime around the country, of which only 72,940 cases were investigated by law enforcement. Total dollar loss from all reported cases of fraud was $264.6 million. Email (74.0%) and web pages (28.9%) were the two primary mechanisms by which fraudulent contact took place.

  4. 2008 Top 10 IC3 Complaint Categories

  5. Popular Scams of 2008 • Fraudulent unsolicited e-mails to commit identity theft. • FBI fraud emails. • Lottery Scam • Unauthorized access to your personal email address, and the fraudster sending phony distress emails to your contacts. • Overpayment Scam • Roommate scam • Ebay Scams • No delivery or receiving inferior products

  6. Merchant Prevention (Online) • CVV/AVS Verification • Ship to bill • Call credit card company to verify information. • Call billing number to confirm order • IP Address • Red flagging bad orders • Database of all bad orders linking to any matching new order if information is identical. • Release form • Additional documents • Small charge verification • Calculating the level of risk based on the above factors

  7. How your credit card company helps • 24/7 Online and Telephone support • View pending transactions • Locking your credit card after suspicious activity • Data mining can help define and determine suspicious activity • Call notification

  8. What you can do to help prevent fraud. • Don’t give your credit card info online unless the website is secure. • Make sure the site is reputable/legitimate source. Check the BBB for previous complaints. • Use Paypal if possible. • Shred all credit card receipts and sensitive documents. • Enroll in a credit report service • Freecreditreport.com • Password database program • KeePass

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