Credit Card Fraud Case Report

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BSE 3024 SECURITY AND ELECTRONIC PAYMENT SYSTEMS INDIVIDUAL ASSIGNMENT 1 CREDIT CARD FRAUD AND WAYS TO PREVENT

NAME: CHOW CHIAO MIN

ID: 1112700892

TRIMESTER: 1 2014/2015

LECTURER: MADAM SRIKAMALADEVI

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Introduction

This report defines common terms in credit card fraud and the ways to prevent and to minimize the credit card fraud. Because the cases of credit card fraud keep increasing recently, so that we need to find some solution to minimize this problem. Objective

To have beneficial attributes in terms of cost savings and time efficiency.

To minimize the credit card fraud. What is credit card fraud

Credit card fraud is a wide-ranging term for theft and fraud committed using or involving a payment card, such as a credit card or debit card, as a fraudulent source of funds in a transaction. Credit card fraud divided into two categories

Offline fraud

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You will receive an email from credit card company which states your billing error complaint is valid and the appropriate corrections to your account have been made. This includes permanently removing the actual charges, accrued interest charges, applicable late fees, etc. resulting from the disputed transaction.

You can refute it if you disagree with the decision but you must respond in writing within 10 days after receiving the ruling. Conclusion

Credit card fraud is an act of criminal dishonesty. It can be argued that banks and credit card companies should attempt to detect all fraudulent cases. The main tasks will be to build scoring models to predict fraudulent behavior, taking into account the fields of behavior that relate to the different types of credit card fraud identified .

References:

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