Notes On Credit Card Fraud Essay

914 Words Nov 23rd, 2016 4 Pages
Credit Card Fraud is estimated to cost $1.6 Billion Annually each year according to Government reports by Attorney General’s across the US. With 36 Billion transactions are completed annually 1 out of 1100 transactions are fraudulent. It is either because the card is physically lost or stolen off the persons or the information from the card itself has been compromised. The hacker or Thief then uses the card on line to purchase items or gift cards or they use them in person at kiosks, gas stations and credit card machines nationwide. Most of the time the owner of the cards don’t even know they have been hacked or lost their card and it can be weeks or thousands of dollars later that they figure it out. Then the owner has to call the Bank or who ever issued the card to them to explain what happened or inform them they do not have the card in their possession. Problem sometimes is not all businesses require to see an ID or some type of verification. Unless the Credit Card company has a policy in place transactions under $50 dollars don’t normally require ID or a signature.

EMV which stands for Europay, Mastercard and Visa are companies that created standards for payments in regards to credit cards. The credit cards were first made with magnetic strips on the back that record the data and when swiped on a credit card machine would send the send to the merchant. The problem then was the criminals found a way to read the cards information and steal what data they needed. And…

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