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Credit Card Fraud PowerPoint Presentation
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Credit Card Fraud

Credit Card Fraud

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Credit Card Fraud

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Presentation Transcript

  1. Credit Card Fraud

  2. Credit card fraud - situation when an individual uses another individual’s credit card for personal reasons while the owner is not aware of this fact

  3. Credit card frauds are committed in the following ways: • an act of criminal deception by use of unauthorized account or personal information • illegal or unauthorized use of account for personal gain • misrepresentation of account information

  4. Modus operandi for credit card frauds: • lost or stolen card - 48% • identity theft - 15% • skimming - 14% • counterfeit card - 12% • phishing - 6% • other - 5%

  5. Stolen • most issuers have 24 - hour telephone numbers • unauthorized purchases until it canceled

  6. Identity theft • social security or driver’s license numbers • false credentials for immigration • attributed to the victim • account takeover • true name theft

  7. Scimming • illegal copying of information from the magnetic strip of a credit card • fake or ‘cloned’ card with your details on it • borrowing money and taking out loans

  8. Phishing • massive numbers of phony e-mails to consumers • e-mails look legitimate • victims are directed to a fake web site

  9. The 9 million world-wide bank robbery

  10. Sergei Tšurikov (Estonia) found a path of entry into the RBS computer network • Managed an existing ring of cashiers • Distributed fraudulently obtained debit card account numbers and PIN codes • Hacking rings raised the accounts limits on compromised accounts • 44 counterfeit payroll debit cards

  11. Be careful!

  12. Guidelines to protect yourself from credit card fraud: • Destroy your expired cards • Immediately sign new cards • Don’t keep your PIN in your wallet • Treat credit cards as if they were real money • Lost or stolen cards should be reported immediately • Be cautious when giving information to websites or unknown individuals • Verify transactions on your statement with your receipts • Keep an eye on the credit card when making transactions in shops • Don’t sign a blank credit card receipt • Don’t borrow your cards