Fraud

Steven Finlay

Chapter 9 in The Management of Consumer Credit, 2008, pp 138-145 from Palgrave Macmillan

Abstract: Abstract Fraud is an ongoing problem within the consumer credit industry. In 2006, the UK card industry wrote-off an estimated $813 million1 due to fraud (APACS 2007). In the US in 2006, the estimated value of fraudulent card transactions was in excess of $3.5 billion (Experian 2007). These figures represent only around 0.1 percent of all card transactions, but account for anything up to 5 percent or more of all bad debt experienced by card issuers. This is despite many lenders having sophisticated fraud detection systems – without which the cost of fraud would no doubt be many times higher. Card fraud is perhaps the most widespread form of fraud associated with consumer credit, but other types of credit are also targeted by fraudsters to varying degrees.

Keywords: Credit Card; Rule Base System; Consumer Credit; Identity Theft; Card Holder (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-58250-7_9

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DOI: 10.1057/9780230582507_9

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