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Throughout this Padlet we will be discussing the importance of understanding credit/debit fraud. Fraud is a prevalent issue throughout todays day and age. Specifically this Padlet will cover...

Who can be affected by debit/ credit fraud

Statistics of individuals influenced by fraud in Canada

How such scamming and fraud occurs

Ways to help prevent credit fraud

Actions to take if an individual encounters credit fraud etc.

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Credit and debit card fraud is when the info on your card is stolen and your personal funds are used without your authorization. This is a serious issue that is extremally prevalent in todays age through media.

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Throughout all of Canada there has been a total of $800 million financial lose from credit card fraud. With that, the number of individuals who have reported that they have experiences one case of credit card fraud has increased by 71% recently.

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This website conveys the importance of how the internet influences credit card fraud. People have access to a significantly higher amount of your personal information. With that, you're much more susceptible to scammers and hackers through social media and networking.

I believe this website has key information that should be commonly known. It goes over the statistics of credit fraud and gives a better understanding of how it can effect anyone.

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Identity Theft

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Credit card fraud (28%) was the most common form of reported identity theft followed by phone or utilities fraud (19%), bank fraud (18%), and employment fraud (13%). Other significant categories of identity theft reported by victims were government documents/benefits fraud and loan fraud.

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The percentage of complaints about "Electronic Fund Transfer" related identity theft more than doubled between 2002 and 2004.

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The major metropolitan areas with the highest per capita rates of reported identity theft are Phoenix-Mesa-Scottsdale, AZ; Riverside-San Bernardino-Ontario, CA; and Las Vegas-Paradise, NV.

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URL: https://www.sciencedirect.com/science/article/pii/B9780123852465000341

2.4 CCFD Based on Bayesian Networks

The article titled "Analysis on Credit Card Fraud Detection Methods," discusses Bayesian networks. In the technique described, two Bayesian networks are constructed. One is to model the behavior of the fraud, and the other is to model the behavior of a legitimate user. The fraud network is set up using expert knowledge, and the legitimate user network is set up using data from the nonfraudulent user [12]. The idea is to determine the conditional probability via a directed acyclic graph. However, Bayesian networks have several limitations, as it can be difficult to convert expert knowledge into probability distributions [13].

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URL: https://www.sciencedirect.com/science/article/pii/B9780128150320000172

Electronic Payments

Electronic payments, such as the use of credit and debit cards, are more popular than payments by cash or check. Credit cards permit the extension of credit with delayed payment, whereas debit cards charge the account at the time of the transaction. Credit and debit cards have a magnetic stripe that contains information on the account, such as customer name and account number. The customer's card is "swiped" for electronic authorization to ensure that the account is valid and the purchase is within the account limit. Then the transaction is completed with the user's signature. Although technology assists retailers in speeding payment transactions and saving on fees, at the same time, technology brings vulnerabilities (Federal Reserve Bank of San Francisco, 2012).

In many locales throughout the world, a conversion is occurring from magnetic stripe to the "chip-and-PIN" card to speed transactions, especially for low-value payments (e.g., a cup of coffee), and to increase security. In the "chip-and-PIN" card, information is stored in a small computer chip. The customer places the card near a proximity reader, similar to an access card, and enters a personal identification number (PIN) instead of providing a signature. This newer type of card is less likely to be copied than the magnetic stripe card. A variation of this technology is referred to as "contactless payment systems," and a PIN is not required. Both the "chip-and-PIN" and "contactless" methods use a proximity reader to obtain information from the RFID computer chip imbedded in the card. Proponents claim that encryption protects the information. Critics argue that an offender nearby, armed with a specialized reader, might capture information on cards held by the customer (Federal Reserve Bank of San Francisco, 2012; DiLonardo, 2006: 116).

Another type of technology to save retailers money and provide quicker customer payment is known as "pay-by-finger." This biometric fingerprint technology requires customers to place a finger on a scanner to register the transaction with their bank account to debit their account without using a card, entering a PIN, or writing a check. Customers enroll at a kiosk by providing identification, bank information, and a finger scan. The information is encrypted and store employees do not have access to the information. Opponents of this technology claim that retailers should consider the operational impact on the business, data center issues, setup costs, and customer security (Gaur and Gilliland, 2006).

Card fraud is a huge problem costing billions of dollars. The three major groups involved in card usage are card issuers (banks, oil companies, retail businesses, travel, and entertainment groups), acceptors (merchants), and users. All of these groups are susceptible to losses due to fraud. Lost or stolen cards can cause monetary loss to users. Acceptors who are careless may become financially responsible for fraud under certain circumstances and could even be placed at a competitive disadvantage if no longer authorized to accept the issuer's card. Card issuers absorb billions of dollars in losses annually. Crime involving cards is varied and compounded because of identity theft. Vulnerabilities include theft of cards from the postal system and counterfeiting of cards.

The Commercial Facilities Sector-Specific Plan: An Annex to the National Infrastructure Protection Plan (U.S. Department of Homeland Security 2010: 160) refers to the Payment Card Industry Data Security Standard. It is a global information security standard designed to assist entities in preventing fraud when processing card payments. Businesses such as MasterCard, Visa, and American Express worked to prepare the standard. It covers topics such as network security and protecting cardholder data.

Although laws have been enacted to deter card fraud (e.g., Credit Card Fraud Act), the effectiveness of criminal laws is limited; we still have widespread card fraud. As with other risks, prevention is vital. Following are some loss prevention strategies (Federal Reserve Bank of San Francisco, 2012) for retailers, although, if a store is busy, employees may not have time to thoroughly check cards.

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Ask the customer for a photo ID containing their signature and compare the photo with the customer and the signature on the ID and card.

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Check for alterations in a card, such as letters and numbers not lining up.

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Look for the holograph that changes its color and image as the card is tilted.

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Search for fine-line printing, such as a repeated pattern of the card company name.

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If the card contains ultra-violet ink, it will be visible under ultra-violet light and display, for instance, the card company logo.

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URL: https://www.sciencedirect.com/science/article/pii/B9780123878465000176

Check and Credit Card Fraud

Two general types of problems are associated with bars, restaurants, stores, and the front desk in a hotel: check and credit card fraud and theft of merchandise and food and beverage items. Incidents involving "walkouts" are common when nonpaying customers who enjoyed a meal or drinks in a hotel leave without offering to pay for the items consumed. Unfortunately, this type of crime is only a misdemeanor in most states, and the innkeeper is limited in what it can do after the fact. Frequently, a patron who is caught leaving can be confronted and, if he or she refuses to pay, be held long enough for security or the public police to arrive so that the thief can be identified for future reference or prosecution. The amount of the loss is usually not worth the time required to prosecute, so it is recommended that the name and description of the individual be recorded and distributed to all outlets in the hotel. Alternate means of payment (e.g., having a family member pay, another form of payment like cash) may be tried. If the person tries to obtain food or drink again, he or she can be refused until the previous bill is paid.

Credit cards are used very often as a means of payment by patrons, because of their convenience and the generation of tax records for business customers. This convenience, however, causes some problems for the hotel operator, particularly in the food and beverage outlets as well as stores. Problems ranging from using stolen cards, cards over their allowable limit, and the inflating of gratuities or even writing in gratuities by dishonest employees are just some concerns facing hotel security. The best means of avoiding these and other scams is to develop detailed policies and procedures for authorization of use and training employees to follow the procedures. Charging store merchandise to a guest room must somehow be verified first. With the advent of Internet shopping, theft of credit card numbers is a growing problem. Hotels that utilize "paperless" check-in are less susceptible, but the problem of dishonest employees stealing credit card numbers remains. Limiting exposure of the credit numbers to employees and others is necessary. Programming software to display only the last four digits of a credit card number is a good method to reduce exposure. Night audit reports that list credit card numbers must be kept in a secure location. When it is time to dispose of night audit reports, they should be shredded. Make certain that the guest credit card number does not show on the express checkout receipt delivered overnight to the guest room. Criminals have been known to follow the hotel employee delivering the receipts and retrieve them from under the door.

Management must then follow up to ensure compliance with the rules, and violators should be dealt with appropriately. When security is called upon to investigate alleged wrongdoing by employees, if proven, swift and severe disciplinary action, including termination of employment, should be considered.

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URL: https://www.sciencedirect.com/science/article/pii/B9780123852465000389

TERRORIST TECHNOLOGY THREAT ENVIRONMENT

Today's terrorists are not only using technology to communicate (e.g., e-mail), and high-technology crimes to fund their activities (e.g., credit card fraud, illegal bank money transfers), they are beginning to look at the potential for using technology in the form of information warfare against their enemies. It is estimated that this will increase in the future.

Because today's technology-oriented countries rely on vulnerable computers and telecommunications systems to support their commercial and government operations, this is becoming a concern to businesses and government agencies throughout the world. The advantage to the terrorist of attacking these systems is that Internet terrorists acts can be carried out with little expense by very few people and can cause a great deal of damage to the economy of a country.

They can conduct these activities with little risk to themselves, because these systems can be attacked and "destroyed" from the base of a country friendly to them. In addition, they can do so with no directly attributable loss of life, thus escaping the extreme backlash against them if they had destroyed buildings with much direct loss of life. However, at this time, they want more carnage, more people in fear, and more blood on the television news. Therefore, their attacks will probably continue primarily to be those of car bombs and suicide bombers. However, when they find a way to penetrate networks to modify controls over nuclear reactors, power grids, water control, air traffic control, and so forth, to cause massive human carnage and economic destruction within a nation-state, it is probably only a matter of time before they use it. The key now is for them to use whatever means they have to cause carnage and chaos. Thus far, blowing themselves up with others seems to be their preferred method of destruction.

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URL: https://www.sciencedirect.com/science/article/pii/B9780750679299500464

11.9 Internet Fraud

Fraud is now more organised than ever before and the Internet has opened up increasing opportunities for high speed and high frequency frauds. Relatively common Internet frauds include identity fraud, credit card fraud and the theft of confidential data. Particular care is needed when developing websites, as poor programming and website design can result in relatively easy but unauthorised access being given to data, which can then be corrupted or used for fraudulent purposes. Also, encryption techniques will sometimes not be as sound as they appear and may therefore not give the required degree of physical security over data.

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URL: https://www.sciencedirect.com/science/article/pii/B9780750684194500164

Fraud is now more organised than ever before, and the internet has opened up increasing opportunities for high speed and high frequency frauds. Relatively common internet frauds include identity fraud, credit card fraud and the theft of confidential data (see also 12.3 above). Particular care is needed when developing websites, as poor programming and website design can result in relatively easy but unauthorised access being given to data, which can then be corrupted or used for fraudulent purposes. Also, encryption techniques will sometimes not be as sound as they appear and may therefore not give the required degree of physical security over data.

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URL: https://www.sciencedirect.com/science/article/pii/B9780750687010000126

The Effects of Pornography on Children

A common source of child pornography is people who are related to or acquainted with the victim. An abuser may be in an incestuous relationship with the child, or a pedophile that seduced or coerced the child into performing sexual acts and/or posing naked. In having pictures taken while being abused, the child is victimized twice; first by the sexual abuse, and second by the permanent record of the abuse that may be distributed over the Internet for years.

It's important to remember that when a child has pictures taken of him or her, it isn't a single picture and it's over. A child will generally have entire sets of pictures taken, in a variety of poses and performing different sexual acts on an adult or with other children. To illustrate this, we only need to look at the work of the COPINE (Combating Paedophile Information Networks in Europe) Project, which has studied the exploitation of children on the Internet and can be visited at www.copine.ie. The project is based in the Department of Applied Psychology at University College Cork in Ireland, and has conducted significant research on child pornography. In the university's database of 50,000 pictures, 2,000 individual children were depicted in these photos.

To groom the child into performing sex acts, it is common for abusers to use pornography to make the child more comfortable with what will occur. The abuser uses the pornography to not only seduce or raise the child's interest in sex, but also to get the child to overcome any inhibitions he or she might have. When children view pornography, it may first appear shocking to them, but they become desensitized to it. In viewing the images and films depicting adults and children having sex, the child is made to believe that it is normal for adults and children to have sex.

Although this may be done in the confines of a home, online predators also use pornography to seduce or groom potential victims. Once they are in a chat or interacting with a child online, images or video is then sent to the child. This leads the conversation into specific discussions about sex, and provides an avenue for the pedophile to ask what the child has done, whether the child would like to try something in the picture, or other questions. In the National Center for Missing & Exploited Children's report mentioned previously, it was found that 27 percent of those who possessed child pornography had also shown or given it to identified victims, and 25 percent of them had done it to groom the child into having sex.

Exchanging images in this way also provides a way to get the child to send pictures of himself or herself to the predator. Because images have been exchanged, the pedophile will beleaguer or coerce the child. In some situations, a pedophile will threaten to tell the children's parents about what they've done. Once the child actually sends a picture, the pedophile can more easily convince the child to do or reveal more in additional pictures, or threaten to show the image he or she has sent to the parents if the child doesn't do what's asked.

By using pornography as a tool, pedophiles are better able to convince a child to perform acts depicted in the images or video. Once the child is seduced or groomed, additional images can be taken of the child. In doing so, the use of pornography allows the predator to create more pornography. It is a vicious circle that victimizes the child, and embarrasses the child into doing more.

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URL: https://www.sciencedirect.com/science/article/pii/B9781597491976500171

The Importance of Investigations in IT Crimes

Protection-related issues constantly evolve. In the twenty-first century, risks associated with information technology (IT), including communications, have taken on great significance. Chapman and Zwicky note: "The Internet is a marvelous technological advance that provides access to information, and the ability to publish information, in revolutionary ways. But it's also a major danger that provides the ability to pollute and destroy information in revolutionary ways."

The IT revolution has produced a new category of deviance called "cybercrime." Such crimes include extortion, boiler room investment and gambling fraud, credit card fraud, pyramid schemes, fraudulent transfer of funds, telephone fraud, and sex crimes. Additionally, denial-of-service attacks, privacy invasions, attacks by high-energy radio-frequency guns, commercial software piracy, and attacks by computer viruses all require systematic investigation to identify offenders and reduce chances of future recurrence. The alleged inadequacy of IT security can result in civil litigation. In one case, Schalk v. Texas, the defense argued successfully that the plaintiff had not taken sufficient due care to protect information that was stolen from a computer system.

As with other types of offenses, IT crimes and attacks require postincident and pretrial investigations. Generally, computer crime investigators and auditors specialize in this area. In short: "Information created and used in organizations reflects all the intellectual property, competitive intelligence, business transaction records, and other strategic, tactical, and operating data for business and people. Regardless of industry, managers in organizations today need some understanding of how to protect these information resources, as well as their personnel." Investigations frequently are part of postincident fact-finding necessary to build stronger systems.

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URL: https://www.sciencedirect.com/science/article/pii/B9780128023969000098

How Bitcoin Works

A Bitcoin user obtains a Bitcoin wallet and buys Bitcoins online. The user can then make payment from their wallet to the wallet of someone accepting Bitcoins. The transaction is confirmed in a shared public ledger, or blockchain. The transaction has two keys and is recorded in a block. The public key is a long, randomly generated string of numbers which is the user's address on the blockchain. Bitcoins sent across the network have this address attached. The owner uses a second password or private key when accessing their bitcoins. The blocks on each coin are arranged in chronological order to verify that the user has not previously spent the coin, and users are identified only by their addresses. Verification of coin transactions are performed simultaneously by "nodes" on a network. These nodes are independent computer operators, the miners who are incentivized to provide the decentralized verification service. More about blockchain later.

But why use Bitcoin? Cash works well for most small transactions. Checks, debit-, and credit cards are widely accepted. Why do we want digital currencies?

Here are a few reasons put forth by Bitcoin proponents:

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It's fast. Banks often hold checks for days. Bitcoin transactions are far faster than interbank transfers.

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It's cheap. Bitcoin fees are minimal or nonexistent, in contrast to credit card fees.

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Central governments can't take it away. In some countries, governments and central banks have sought to attach deposits.

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There are no chargebacks. One type of credit card fraud entails making purchases and then having the charge reversed. There is no provision in Bitcoin for reversing transactions without the other party's consent.

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People can't steal your information from merchants. Merchants taking Bitcoin don't get the detailed information provided for credit card transactions. So, if the merchants' records are hacked, customer information is minimal.

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It isn't inflationary. As opposed to fiat currency, the maximum number of Bitcoins is fixed.

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It can be anonymous. A Bitcoin address is visible but the owner of that address is not easily identified.

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You own it. Accounts at banks or even at PayPal can be frozen for certain reasons. But Bitcoin can't be seized in the same way, unless the owner loses the private key, or a web-based service loses it for the owner.

In addition to the above reasons for using Bitcoin, investors and traders saw the value of the coins jump to almost $20,000 in late 2017. This meteoric rise has led to some calling it a bubble, and gaining the attention of regulators who are fearful that small investors will get hurt when the bubble bursts. As with any market however, there are other traders who believe the market is still orderly and reflects the underlying value of these currencies.

The cryptocurrencies do fulfill many of the benefits listed: The technology is fast, and cheap and the lack of governmental control is particularly attractive in countries where there are inflationary policies or currency restrictions. Central banks in the United Kingdom and China have studied some of the advantages of the government issuing its own digital currency. There are however, practical, operational, and regulatory concerns. On the practical level, it is extremely unlikely that a digital currency will be the sole form of money. While more companies are accepting Bitcoin, the number is infinitesimal as compared to the total number of vendors. Operationally, questions have arisen regarding speed and scale. As Bitcoin transaction have increased, the time it takes to process these transactions has also increased. Different solutions have been proposed with separate factions favoring one over the other.

Another concern is security. Having a decentralized system takes away the risks associated with having just one centralized data repository. But there are other security concerns. There have been several cases of exchanges being hacked and coins being stolen. In fairness, fiat currency and credit card accounts are also subject to theft, so this alone is not disqualifying.

These problems will likely be solved in the near future but they could slow the progress of wider acceptance of the currencies. Of more concern are regulatory issues. Some of the advantages of these currencies are due to the fact that they are currently outside of government control. This means that they can be used for reasonable purposes such as insulating the user from inflation, but they have also been used to purchase illegal goods, to launder money, and to evade taxes. Should they dramatically increase in importance cryptocurrencies could also impact the effectiveness of monetary policy with potentially adverse impacts on the macroeconomy. For all of these reasons, it's likely governments will increase their oversight as the currencies gain increasing traction. Below are some of the instances of government action against cryptocurrency participants.

Some proponents tout the fact that Bitcoin transactions could be anonymous and outside of government scrutiny. This concept has been challenged by the US Internal Revenue Service (IRS). The IRS in 2014 stated that virtual currencies should be treated as property for tax purposes, and that a profitable sale would trigger tax implications. The IRS subsequently served a summons against Coinbase, which operates digital exchanges in Bitcoin, Ethereum, and other digital currencies. The summons sought details about customers and their trading. Coinbase seemed to agree that customers should pay their taxes, but challenged the scope of the IRS request for information.

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URL: https://www.sciencedirect.com/science/article/pii/B9780128134979000032

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Credit card fraud (28%) was the most common form of reported identity theft followed by phone or utilities fraud (19%), bank fraud (18%), and employment fraud (13%). Other significant categories of identity theft reported by victims were government documents/benefits fraud and loan fraud.

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Website #2 Credit Card Statistics Canada

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Website #2 Credit Card Statistics Canada

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This article goes through the specific statistics about credit card fraud in Canada. It describes how many individuals are influenced by fraud, how the amount of people affected are rapidly increasing.

One thing that stands out about this website is how detailed it goes into the general statistics towards credit fraud in Canada. For instance, it goes into how only 19% of Canadians who were a target of credit card fraud were aware that they were a victim. I think its very important for people to understand the risks and influences towards fraud and this website provides such.

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Many Canadians prefer using a credit card over cash or debit.

Credit cards offer rewards and are a useful tool to build your credit score. However, credit card fraud is still a large risk when using your credit card.

Here are the credit card fraud stats for 2021 - compiled by the Simple Rate research team.

General stats on credit card usage in Canada

75 million

Number of credit cards in circulation in Canada

89%

of Canadians who reported to have at least one credit card

2

Average number of credit cards carried by Canadians

$2,627

The average credit card debt in Canada

52%

of Canadians pay back their card in full every month

15%

of Canadians have a credit card spending limit under $2,000

44%

of Canadians have a credit card spending limit between $2,000 and $10,000

41%

of Canadians have a credit card spending limit over $10,000

Credit card fraud statistics in Canada

$800 million

The total financial loss from credit fraud in Canada

71%

Increase in the number of accounts who have reported at least one case of credit card fraud. This number is 2x higher than that of identity theft in Canada.

$300

The median amount stolen via credit card fraud

19%

of Canadians who were a target of credit card fraud were aware that they were a victim

39%

of Canadians surveyed have admitted to not using their credit card in certain cases because they were worried about their account being compromised

58%

of Canadians surveyed reported they cover their pinpad when entering their credit card pin at a merchant

86%

of people review their transactions every month
NOTES:
Average credit card debt in Canada is $2,627. 52% of Canadians pay back their card in full every month.

There are 75 million credit cards in circulation in Canada. The average Canadian carries two credit cards. 89% of Canadians have reported to have at least one credit card. 82% of people have reported that they choose their cards based on rewards offered.

Only 8% of Canadians surveyed claimed they didn't know anything about the rewards programs their cards offered.

15% of Canadians have a credit card spending limit under $2,000. 44% have a credit card spending limit between $2,000 and $10,000. 41% have a credit card spending limit over $10,000.

According to The Canadian Bankers Association, the total financial loss from credit fraud is a staggering $800 million. Over the last decade, the number of accounts who have reported at least one case of credit card fraud has increased by 71%. This number constitutes 2x that of identity theft.

The median amount stolen via credit card debt was $300.

Shockingly, only 19% of Canadians who were a target of credit card fraud were aware that they were a victim. Of the surveyed Canadians, 39% have admitted to not using their credit card in certain cases because they were worried about their account being compromised.

Another interesting finding was that 58% of people surveyed reported they cover their pinpad when entering their credit card pin at a merchant. 86% of people review their transactions every month.

SOURCES: Government Of Canada, Statcan, Canadian Bankers Association, RBC, TD Plus, MBNA, Scotiabank, BMO, CIBC and National Bank, Equifax, The Globe And Mail, CPA Canada

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Credit Card Fraud Statistics In Canada 2021 - Simple Rate

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Many Canadians prefer using a credit card over cash or debit. Credit cards offer rewards and are a useful tool to build your credit score. However, credit card fraud is still a large risk when using your credit card. Here are the credit card fraud stats for 2021 - compiled by the Simple Rate research team.

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Website #3 Who is Affected by Credit Fraud

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Website #3 Who is Affected by Credit Fraud

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The basis of this government website basically goes over how credit fraud happens, who it affects, how it can be prevented, and steps a victim would have to take if they encounter credit card fraud.

I think it is really important how they give key information on specifically what to do if you experience credit card fraud. I feel as though most individuals would not know exactly what to do when they encounter such interaction. So the depth this article goes into can help a victim significantly.

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How credit card fraud happens

Credit card fraud happens when someone steals your credit card, credit card information or personal identification number ( PIN) and uses it without your permission to:

make a purchase at a place of business

make a purchase or transaction online

make a purchase or transaction by telephone

withdraw money from an automated teller machine (ATM)

A person can steal your credit card or credit card information by:

going through your garbage or mailbox to find credit card statements or other banking information

swiping your credit card through a device that copies the information stored on the magnetic stripe of your card

hacking into the computers of companies and stealing credit card information

installing small devices on payment terminals that record your credit card information

phishing, that is, sending you an email that looks like it comes from a real business asking for credit card information

asking you to use your credit card on an illegitimate website to make a "purchase"

Prevent credit card fraud

Prevent credit card fraud by protecting your credit card and your personal information.

Chip cards

In Canada, all federally regulated financial institutions must decline any magnetic stripe transactions.

All newly issued Canadian credit cards have a computer chip that makes transactions more secure. The computer chip works with your PIN to make sure you give permission for each transaction. This helps protect you against fraud if someone steals your card.

Credit cards with computer chips still have magnetic stripes. This is so you may use them in countries that don't have chip-reading technology.

Keep your PIN secret

Choose a PIN that is difficult to guess. For example, avoid using your birthday, Social Insurance Number, address or telephone number as your PIN.

Make sure you do the following to keep your PIN secret:

never share your PIN with another person, not even a family member or partner

try to memorize your PIN rather than writing it down

if you write it down, make sure you keep it in a safe place away from your credit card

change your PIN often

Some financial institutions offer the ability to pay with a mobile device, such as a smartphone or tablet. Keep your mobile device password and credit card PIN secret to prevent transactions you didn't make or approve.
Learn how to prevent transactions you didn't make or approve while using mobile payments.
Tips to prevent credit card fraud

Remember these tips when using your credit card in public places or at places of business:

keep your credit card in a safe place

limit the number of credit cards you carry with you

cover the keypad with your hand or body when entering your PIN so no one can see it

keep your credit card in sight at all times when making a purchase

report anything you think is suspicious about a credit card device at a business or ATM to the business's head office and your credit card issuer

At home

Protect yourself from credit card fraud at home by doing the following:

lock your mailbox if you can to prevent someone from stealing your credit card statements or replacement cards

sign the back of a new credit card immediately after you get it

destroy old credit cards that are no longer valid by cutting them up

keep your credit card statements in a safe place

shred credit card statements when you no longer need them

When banking or shopping online, look for websites with addresses starting with "https" or ones that have a padlock image on the address bar. These are signs that your information will be secure.

Protect yourself from credit card fraud online by also doing the following:

use only trusted and secure websites when sharing personal information or buying something online

keep your computer firewall, anti-virus and anti-spyware systems up to date

avoid giving credit card information over email as it isn't secure

avoid using public computers at libraries or Internet cafés to do your banking or online shopping

clear the history and cache of the computer when you finish your session if you're using a public computer

Over the telephone

Legitimate credit card companies don't ask for personal information over the phone. Use the telephone number found on the back of your card when you want to contact your credit card issuer.

Protect yourself from credit card fraud when on the telephone by also doing the following:

avoid giving out credit card information over the phone if you're in a public place or you think somebody else may be listening

only give your credit card information to a company you trust

request further information from someone who calls asking for credit card information

If you're unsure that the company that is calling and requesting your credit card information is legitimate, hang up and contact the Better Business Bureau.
In general

Protect yourself from becoming a victim of credit card fraud by:

keeping a list of cards you carry in a safe place, including phone numbers to call, in case any of your cards are lost or stolen

keeping any convenience cheques given to you by your credit card issuer in a safe place

reporting a lost or stolen card to your credit card issuer immediately

reviewing your credit card statement monthly

reporting any transactions you didn't make or approve to your credit card issuer immediately

getting written confirmation from your credit card issuer when you cancel your credit card

checking your credit report at least once a year for errors

Steps to take if you've lost your credit card

If you lose your credit card, notify your bank immediately. Upon notification, the bank should cancel your lost credit card and reissue a new one.

Other things you can do:

regularly monitor your credit card statements for any transactions that you didn't make

carry your cards in a safe place

keep a list of your bank and credit card numbers in a safe place at home for reference purposes

What to do if you're a victim of credit card fraud

Contact your financial institution immediately if your credit card is lost or stolen. Contact it if you find payments on your credit card statement that you didn't make or approve.

If you think you're a victim of credit card fraud:

write down what happened and how you first noticed the fraud

contact your credit card issuer to tell them about the fraud

take notes of who you talked to and when you spoke to them

keep all documents that you think might be helpful when the police investigate the fraud

contact your local police service to file a complaint

contact other accounts (for example, your phone company) that could be tampered with by the person

Put a fraud alert on your credit report

You may also contact Canada's two credit reporting agencies, Equifax and TransUnion. Ask them to place a fraud alert on your file. Ask for copies of your credit report, review them and report any incorrect information.
Learn how to order your credit report.
Report the fraud to the Canadian Anti-Fraud Centre

The Canadian Anti-Fraud Centre operates through a partnership of the RCMP, the Ontario Provincial Police and the Competition Bureau. It's the central Canadian agency that collects information on economic crime.
Contact the Canadian Anti-Fraud Centre.
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personal finance; banking; fraud; credit; crime; crime prevention; consumer protection

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Credit card fraud happens when someone steals your credit card, credit card information or personal identification number ( PIN) and uses it without your permission to: make a purchase at a place of business make a purchase or transaction online make a purchase or transaction by telephone withdraw money from

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Once you become a victim of credit or debit fraud it is important to understand the next steps one should take to have their money reimbursed. This article by Bankrate goes throughout the actions you should take once you see transactions on your statements that have not been made by you.

I think this website provides valid information towards reporting and understanding fraud. It mentions how to approach your banking institution once you experience  fraudulent purchases...

Contact them

Provide proof of interactions on statements\

Your banking institution will make sure you are not charged for transactions that are proven to have not been made by the cardholders

Overall, I also enjoy this website as it also provides key information regarding preventative measures you can take to avoid scams.

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More info

Do you see a transaction on your credit card statement that you don't recognize? If so, you shouldn't overlook this. It could well be a fraudulent transaction, or one you did not authorize.

If you investigate and find that indeed the transaction stems from fraud, you have certain protections and can put in for a refund of the fraudulent charge with your card issuer.

Confirm that the transaction is fraudulent

Before you decide a credit card transaction is fraudulent, though, make sure you are right. It seems consumers are prone to mistake a legitimate transaction for a fraudulent one.

For instance, it could be that an authorized user on your account is responsible for the transaction. Check with them to make sure they did not initiate it. Another possibility is that you don't recognize a legitimate transaction because you can't recall doing business with the named merchant. That could be a false alarm, too, since some merchants bill under a different identity from the one they conduct business with.

Also note that you shouldn't report fraud just because you don't want to deal with a merchant. There is a process for addressing situations such as:

Not receiving a good or service you paid for

Being billed for a recurring service that you canceled

Not getting credit for a product or service you are not satisfied with

Being charged twice for the same item

Getting charged a higher amount than is on your receipt

Such incidents don't qualify as fraud and it would be in your best interest to try to sort out the issue with the merchant first before reporting it as such. Negotiating with the merchant tends to be a faster process in these cases than initiating a dispute with your card issuer.

Dispute process to get refund

Once you determine you are indeed dealing with a fraudulent transaction, you should inform your card issuer immediately. Your issuer will likely lock your card and issue you a new card with a new number. Considering the major card networks Mastercard and Visa have zero liability policies, you will not be liable for any legitimate fraudulent charges.

Visa requires issuers to credit you for unauthorized charges within five days after you notify them. However, the credit is provisional, and they could also reverse the credit if they determine after investigation that you were guilty of "gross negligence" or fraud, or that you delayed reporting your loss. Credit could also be withheld, delayed or limited based on your account standing and history, and the findings of the investigation.

The Fair Credit Billing Act also offers protections for so-called billing errors, which include unauthorized charges. Under federal law, your liability for fraudulent use of your card is capped at $50.

To take recourse to FCBA protection, send in a dispute letter to the issuer's stated address for billing inquiries, with a statement of your issue. You should send this within 60 days of when the first statement with the fraudulent charge was mailed to you. As a precaution, send it by certified mail and ask for a return receipt so that you have proof of receipt. The issuer should settle the matter within 90 days of getting your letter.

FBI tips to prevent card fraud

The Federal Bureau of Investigation offers some tips to help consumers avoid credit card fraud. These include:

Don't give out your credit card number online unless you recognize a site to be secure.

Make sure merchants you are dealing with are reputable.

Research merchants to make sure they're legitimate, using resources such as the Better Business Bureau (and online customer reviews).

Just because a business has a flashy website doesn't mean it's legitimate.

Watch out for unsolicited emails such as those offering investment opportunities (for instance, the notorious 'foreign prince' scams), which are likely phishing attempts.

Be cautious in undertaking transactions with overseas individuals and businesses.

The bottom line

If you suspect you did not authorize a credit card transaction, confirm it is indeed fraudulent and then immediately inform your card issuer. Thanks to zero fraud liability policies, you will likely get credited the amount involved shortly. However, the credit could be withdrawn after investigation by the issuer. And thanks to the Fair Credit Billing Act, you are not liable for more than $50 in unauthorized charges.
Contact me at pthangavelu@redventures.com with your credit card-related questions.

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How To Get A Refund For A Fraudulent Credit Card Transaction | Bankrate

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More info Do you see a transaction on your credit card statement that you don't recognize? If so, you shouldn't overlook this. It could well be a fraudulent transaction, or one you did not authorize.

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Video #1 How Credit Fraud Affects the Economy

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Video #1 How Credit Fraud Affects the Economy

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In this video it describes the importance of understanding credit card fraud and how it can significantly impact the economy.  It also goes into how to identify when someone is trying to receive your personal information or banking information.

I chose this video as I appreciate how in depth they go into how credit fraud specifically happens and how to look out for it. I believe it is very important for everyone to have an understanding of how fraud genuinely occurs. You can find many descriptions towards credit fraud online, however, I admire how in depth this video appears.

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how does credit card fraud affect the economy - Bing video

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Processing Fee Charged Back to Customer Scam

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This is a short clip on good habits to prevent debit or credit fraud. These small tips can genuinely help influence the risk of becoming a victim of fraud. There are many people who do not take scamming and hacking towards their bank accounts seriously. It is significantly easier to become a victim of credit fraud than most people think.

Throughout this video it gives great advice on how to prevent credit or debit fraud from happening to you. For example;

Get in the habit of keeping you bank cards in safe places (never keep them loose or in phone case)

Review your banking statements often to insure there aren't purchases made elsewhere

Don't give any information regarding your bank information through your phone (text or phone call)

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Credit or debit card fraud can be financially and emotionally devastating. Here are some simple ways to prevent it from happening to you.

Video Transcript

- Fraud can be a time-consuming, emotionally exhausting mess. There are federal protections for you if you're the victim of fraud. But you want to prevent fraud from occurring in the first place. Here are some tips for keeping your cards safe. Don't share your PIN with anyone, unless they're a co-owner of your accountant. Don't write your PIN on your card or near it. Memorize it instead.

Keep your card in a safe place, and stay in the habit of doing that. Review your bank statements as soon as they arrive. Time will be of the essence when discovering and reporting any discrepancies or unauthorized charges. Don't give out your bank information over the phone or online to anyone unless you initiated the contact, or you know the person on the other end. Criminals are known to call people and ask them to allegedly verify their account information. Spam emails are notorious for doing this.

When using your PIN in a card machine, make sure no one can watch the transaction. Consider not giving your card to clerks at retail spots, but instead, use a do-it-yourself scanner at the counter. At restaurants, if you see a blank line on a receipt and don't intend to fill it in with an amount, draw a line through it. This will prevent unauthorized charges from being written. When shopping online, use a firewall and spyware protection. Stay financially fit, friends.

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How to prevent credit or debit card fraud

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Credit or debit card fraud can be financially and emotionally devastating. Here are some simple ways to prevent it from happening to you. - Fraud can be a time-consuming, emotionally exhausting mess. There are federal protections for you if you're the victim of fraud. But you want to prevent fraud from occurring in the first place.

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Video #3 Relevant Examples of Credit/ Debit Fraud

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Video #3 Relevant Examples of Credit/ Debit Fraud

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Nowadays there are many tricky ways to being scammed into getting your personal and banking information. Throughout this video they comprehensively cover real life examples of fraud.

Some examples that I think are important within the clips (in the sense of all individuals should understand the severity of credit fraud) include...

Card skimmers on interact machines

Scammers will place these machines on interact machines that collect your card information and your pin... which can then be used to make purchases without your consent

Stealing information off banking statements

Some banking institute's provide paper documentation of your statements which can include you banking information. If someone else gets a hold of such they can then commit fraud with this info.

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This video goes over how the rates of credit fraud have significantly increased during the pandemic. During this time period, many people have been shopping online and etc without proper safety measures being taken scammers have been easily accessing peoples personal information leading to bank accounts.

I believe this video has very interesting information. Prior to research I would have never assumed the pandemic would lead to higher amounts of debit and credit fraud. It really gives you another perspective on why it is important to be care what sites you shop on and what information you share on media.

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Credit card fraud is on the rise amid pandemic

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What did you learn about your topic that surprised you the most?

1. What did you learn about your topic that surprised you the most?

One thing I learned that surprised me the most was the amount of money Canadians have lost in total from credit fraud. I knew it was a prevalent issue but not to that extent.

2. Provide a real-life example of how this topic is relevant or interesting for you.

My brother in law recently had an issue with his credit card information being stolen and used to make unauthorized purchases. Now with this knowledge it is interesting to wonder how someone may have come across his information.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The most important thing I would pass on would be the safety measure one should take to prevent the probability of credit/ debit fraud. I think it is key information that everyone should know to protect themselves from becoming a victim of fraud.