Credit card fraud: awareness and prevention

Katherine J. Barker, Jackie D'Amato and Paul Sheridon

Journal of Financial Crime, 2008, vol. 15, issue 4, 398-410

Abstract: Purpose - To make readers aware of the pervasiveness of credit card fraud and how it affects credit card companies, merchants and consumers. Design/methodology/approach - A range of recent publications in journals and information from internet web sites provide corroboration and details of how fraudsters are using credit cards to steal billions of dollars each year. Numerous schemes and techniques are described in addition to recommendations as to how to help control this growing type of fraud. Findings - Credit card fraud is a healthy and growing means of stealing billions of dollars from credit card companies, merchants and consumers. This paper offers current information to help understand the techniques used by fraudsters and how to avoid falling prey to them. Research limitations/implications - This fraud relies on technology currently available and the easy ability to obtain machinery to steal individual identities and account information, and to produce fraudulent credit cards. Information cited is current but could change radically as technological breakthroughs occur. The changing nature of technology also affects the recommendations made to control this fraud. Practical implications - A very useful source of current information on credit card fraud for bank, credit card companies, merchants, and consumers. Originality/value - This paper provides specific current information and recommendations regarding a fraud topic that is of interest to a wide audience.

Keywords: Credit cards; Fraud (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:13590790810907236

DOI: 10.1108/13590790810907236

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