Credit and Debit Card Fraud by Yinyang Henning https://padlet.com/yjhenning/xts41cgebf0qg30u By Yinyang Henning en-us 2020-11-27 18:43:05 UTC 2025-04-15 18:31:48 UTC hello@padlet.com Website 1 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/966191464 The Government of Canada website provides in-depth information about credit and debit fraud and tips for consumers who encounter fraud or ways to prevent fraud from occurring. Credit and debit card fraud occurs when someone steals another person's bank card information without the cardholder knowing. The only difference between credit card fraud and debit fraud is that the fraudster would need the PIN to use it for debit card fraud. The website also provides lots of information and tips on preventing fraud from occurring that can be useful for cardholders. 

I chose the government website about credit and debit card fraud because the government provides information about what to do to help people if they lost their credit or debit card to avoid fraud or becoming a victim of fraud. I was aware of many tips relevant to credit and debit card fraud. In particular, I wasn't aware of online banking or shopping, and the website indicates using websites with "https" because those are the most secure websites.]]> 2020-11-27 18:50:35 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/966191464 Website 2 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967368387 According to the Chartered Professional Accountants Canada (CPA), under section 12 (1) c of the Cost of Borrowing Regulations, credit card cardholders are liable for unauthorized transactions if found guilty of providing someone else your credit or debit card information. According to a fraud survey conducted in 2019, most cardholders don’t use their cards when purchasing items for fear of being targeted for fraud. Cardholders still have to stay vigilant, educate themselves and keep an eye on any suspicious activity with their credit card and report it as soon as possible.

I found this website useful because it mentions consumer liability and how much a cardholder is liable for unauthorized transactions. I was not aware of that, nor aware of the Cost of Borrowing Regulations in the Bank Act that lays out the rights that a cardholder has. The CPA website also provides a link to allow people like me to learn more about avoiding fraud and protecting my money.]]> 2020-11-28 18:50:37 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967368387 Website 3 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967735575 According to the Chartered Professional Accountants of Canada, in 2019, one in five people experienced credit card fraud online, over the phone or in person. Fraudsters use various methods to obtain debit or credit card information. A new way a fraudster can gain your information is by SIM swapping. SIM refers to “Subscriber Identity Module,” a small card found in cellphones. Fraudsters use the information to collect important information about the client, such as their bank account information, and use that to hack debit or credit cards. The website also provides multiple methods to prevent fraud from occurring. Even if you run into debit or credit fraud, the website also offers numerous ways to report it to the appropriate authorities.

I chose this article because it would benefit cardholders about SIM swapping and how it is essential to discard important documents with any bank information; that way, people don’t have access to your bank information and steal it.]]> 2020-11-29 03:39:00 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967735575 Website 4 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967766005 As the number of credit and debit card consumers increases, the government and bank institutions have to keep up with ways to resolve it. Many people also believed that online banking or paying via tap with a physical card or cell phone helps fraudsters commit fraud. Studies have shown that credit card fraud occurs more often than debit card fraud. Credit card companies also take a serious approach towards fraud and continuously updating their security systems and technology.

I chose this website because it gives an insight into the statistics of credit and debit fraud and why people are hesitant about using their credit/debit cards online. Also, it provides additional tips to reduce the risk of encountering fraud.]]> 2020-11-29 04:22:54 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967766005 Image 1 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967857915 I chose this image to compare the statistics of credit/debit card fraud, cheque fraud, and other types of fraud. Based on the line graph, credit and debit fraud was the least common type of fraud between 1977-2004, but continues to increase over the years to this day. With newer technologies being created compared to the 2000s, fraudsters are becoming more creative, and banks and government agencies have to update their security systems consistently]]> 2020-11-29 06:00:48 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967857915 Images 2 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967954818 This image represents all the information held in a credit or debit card chip that is used daily and is protected by a lock and key (PIN). If the fraudster gets a hold of the “key,” they’d be able to unlock all the stored data on the card chip. It is important to keep that type of information private to avoid credit or debit fraud.]]> 2020-11-29 07:11:26 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/967954818 Video 1 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969004617 This video explains that bank institutions collect information about your purchases, such as purchase types, how often and how much. They can start to form a profile on the cardholder that consists of how much is spent, how often and spending habits. If the company notices unusual behaviour, they have the technological measures to be able to identify fraud. Credit card companies have better detection software to identify fraud than the eyes of the cardholder.

I chose this video as it pertains to information about how a credit or debit card company uses the card chip's information to build a profile and use that profile to identify any unusual activity that could be viewed as fraud and report it.]]> 2020-11-29 17:12:59 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969004617 Video 2 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969081942 This video breaks down credit and debit card fraud in more straightforward terms and provides a scenario for each type used to commit fraud. The videos also offer helpful tips for cardholders to prevent being a victim of fraud. It offers excellent tips to keep your bank information private from the public.

I chose this video because, similar to websites, it is important to keep cardholders alert of the different methods that fraudsters use to commit fraud. It is also interesting to learn that 15 million Canadians were impacted by fraud in 2009, resulting in a loss of over 600 million dollars.]]> 2020-11-29 18:05:47 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969081942 Video 3 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969105508 Many websites and videos focus on the cardholder's responsibility to take the best precautions to avoid being a target of credit or debit card fraud. This video shows another angle of credit and debit card fraud. It shows the side when a fraudster attempts to use the fraudulent card at a retail store. Employees need to keep an eye out for any suspicious behaviours a customer is exhibiting while buying a product.

I chose this video because the internet provides many examples and resources for cardholders to avoid becoming a target of fraud. Still, this video explicitly portrays the importance of an employee's role in identifying credit or debit card fraud. If an employee is not vigilant when customers pay, they aided a fraudster in committing fraud and allowed someone to become a victim of credit card fraud.]]> 2020-11-29 18:22:29 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969105508 Website 4 yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969413221 The video talks about a significant real-life case of debit card fraud  that turned international in Quebec. The video explained that fraudsters would modify the debit card machines by altering them and adding a Bluetooth chip at night and eventually switch them back the next day. The fraudsters made fake credit and debit cards with the information stolen and stole millions of dollars weekly.
 
I chose this video because it shows how significant a credit or debit card fraud case could get and how much financial damage it could cause. It is important to report fraud as soon as you recognize it to stop fraudsters because the longer it takes to report, the more money a fraudster could obtain, and cause more financial damages for other people. Fraudsters are also cautious and smart to stay undetected.
]]> 2020-11-29 22:12:03 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969413221 WELCOME TO MY PADLET yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969422490 Welcome to my Padlet! As you read through, you will learn about what credit and debit card fraud is with the various resources of websites and videos provided. You will also learn about a real-life debit card fraud case that occurred in Quebec that turned internationally. By the end of reading through my Padlet, you will learn about useful tips to keep you safe from credit and debit card fraud in the future. I hope you enjoy learning about credit and debit fraud.]]> 2020-11-29 22:20:17 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969422490 Reflective Questions yjhenning https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969486547 2020-11-29 23:19:12 UTC https://padlet.com/yjhenning/xts41cgebf0qg30u/wish/969486547