Credit Card Fraud - PowerPoint PPT Presentation

1 / 6
About This Presentation
Title:

Credit Card Fraud

Description:

... that they will not be responsible for losses incurred as a result of credit card ... on solving the crimes or shifting the cost to the credit card issuers. ... – PowerPoint PPT presentation

Number of Views:614
Avg rating:3.0/5.0
Slides: 7
Provided by: hp261
Category:
Tags: card | cards | credit | fraud

less

Transcript and Presenter's Notes

Title: Credit Card Fraud


1
Credit Card Fraud
  • Yasmine El-Hamouly

2
What is Credit Card Fraud?
  • Is stealing of an actual card and then illegally
    using it over the telephone, through the mail, or
    on the Internet.
  • It is growing and has become a major problem.
  • According to Celent Communications, a Boston
    Consulting firm, it reached 1.8 billion in
    2002, up from 1.6 billion in 2000.

3
There has been little effort to solve the problem
  • To encourage credit cared use, cardholders are
    told by the credit card companies that they will
    not be responsible for losses incurred as a
    result of credit card fraud.
  • The issuers banks and companies such as Visa and
    MasterCard set the polices and also dont pay for
    the losses.

4
  • Issuers actually earned about 500 million in
    2002 by charging merchants a fee for each
    fraudulent sale.
  • Retailers are too small to have any impact on
    solving the crimes or shifting the cost to the
    credit card issuers.

5
In mid-February 2003
  • Computer hacker successfully broke into the
    system of Data Processors International.
  • MasterCard believed the hacker was able to steal
    information on 2.2 million of its card.
  • Visa 3.4 million of its card
  • But, U.S. secret Service and the FBI believe
    records on as many as 8 million cards were stolen
    from that one hacker theft alone.

6
Weakness in software
  • Another source of such thievery is weakness in
    software.
Write a Comment
User Comments (0)
About PowerShow.com