Knowing More about Credit Card Fraud

Introduction

If you are old enough to own a credit/debit card, this workshop pertains to you!
With today's technology we have had the luxury of being able to make transactions with something other cash or a check.  Credit and Debit cards can be a great deal convenient but with this there is also a small liability.  This liability refers to the chance that the user of a credit/debit card will become a victim of fraud.

There are several situations in which a user is vulnerable to this fraud.  That is what we will go over in this WebQuest.  You will learn the situations in which you might be susceptible to theft.  You will also be provided with ways to prevent such theft and ways to handle it if you do become a victim.   In the end, you will be able to identify the different situations in which credit card fraud can occur and how to proceed with responsibility in your own transactions.

What is Credit Card Fraud?

Credit Card Fraud is a term used to describe a wide range of theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction.  There are several different forms of credit card fraud.  It can occur online, over the phone, at a retail location, or in a restaurant.  Essentially, all the perpetrator needs to complete the transaction is YOUR credit card number.

The Learning Objectives of Our Website: 

• What is credit card fraud
• What are the types of credit card fraud
• What are the liabilities for credit card victim
• What  to do when becomes a victim of credit card fraud
• How to prevent and detect credit card

Need to Know Terms:

Below are some terms that you should know in order to accomplish this WebQeust:

Carding- process used by thieves to verify if a card has been reporting stolen.

Credit Card Hijacking- practice of making it difficult to cancel a product or service (e.g magazine subscriptions) ordered with a credit card.

Counterfeit Cards- the most common type of credit card fraud.

Friendly Fraud-Credit card industry term to describe a consumer who makes an internet purchase with his/her credit card and then claims not have received it.

Phishing- the process of sending emails asking people to update their credit card or bank account information for the purpose of fraud.

Internet Fraud- 11.6 percent of all Internet fraud involves credit or debit cards.

Maximum liability- credit card holder�s maximum liability for being a victim of credit card fraud is $50/card.

Skimming- Illegal process of capturing credit card information from electronic card readers for the purpose of fraud.

Smart card- a new type of credit card that uses cryptography(secret codes) and microprocessor for added security.

What to do next?

Now that you have some general understanding of credit card fraud. It is now time to use the information you learned and reinforce it by going to the Process tab on the left side and following the steps stated there.