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Credit Card Fraud Essay

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Credit card fraud is a type of identity theft where a hacker steals the credit card information of a user to purchase something or withdrawing money from banks. It’s a critical crime in United States (Sayles, 2012). Everything is online now from paying bills to online purchase, a user can do anything without going anywhere physically. Even user can open a financial account. Because of this criminal can hack the user’s personal information like name, date of birth, social security number. With that information hacker can open a new account or can issue a new card with the same information (Sayles, 2012).
The result of the data breaches is a type of identity theft, where personal information like credit or debit card numbers and social security numbers or …show more content…

• Lastly, steal the credit card number of a user and try to use or sell or transfer it to another person or purchasing something of value with the intent to defraud (Sayles, 2012).
Steal Information to Sell There are various methods by which carders access personal information of a user like credit or debit card numbers or financial account information from stolen data. This financial information can be taken from many ways. In a large data breach when a company lost their users record that records may sell in bulk to carders by hackers. Stolen information can be from companies or restaurants or government agencies (Soudijn and Zegers, 2012).
Phishing is also a method in which financial information can be lost. Social security number is a very crucial information along with personal information like name, date of birth, email address, bank account information. A hacker can open a bank account with that identity or file a tax return or can take the government benefits. The main concern with social security number is once it is stolen, it is not easy to get a new one because it is permanent (Gerstner, 2015).
Types of

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