Credit Card Fraud and Its Impact on Consumer Perception: An Essay
The fraudulent use of a card account by the theft of the account holder’s card number, card details and personal information, through a plethora of methods in order to perform unauthorized transactions from the compromised account is called a card fraud.
Reasons for massive online card fraud are that it is easy enough to buy stolen credit card information, moreover, legal action is rare, and online fraud may be a low priority for law enforcement, due to difficulty in collecting evidence and time and resource constraints.
Some of the various ways, by which online card frauds can take place, include:
A fraudster can use the stolen card information in the following ways:
If we are talking about banks and what they can do to prevent card fraud on the Internet, we can note the following:
77 % of account holders check their bank accounts weekly for suspicious activity. News of frauds on many fronts have established a sense of vigilance and hesitancy among users.
62 % of respondents believe they are at an increased risk of fraud today than they were two years ago. Criminals can use details to steal information from many accounts, making proactive education about safeguarding personal information is a vital component of fraud prevention.
38 % of consumers responded to experiencing at least one instance of fraud on an existing bank account. With technology friendly fraudsters overcoming many of the existing fraud detection systems, frauds have become widespread and many users have experienced it at least once.
36 % have cancelled a debit or credit card or closed their accounts entirely. Online card frauds have alarmed customers and many of them have closed their accounts or closed their accounts due to it.
51 % of consumers say they have had a transaction declined because their banks mistakenly suspected fraudulent activity. The effort taken by banks in trying to stop fraud backfire sometimes. The embarrassment from a transaction being declined can often be just as detrimental to a customer relationship as instances of actual fraud.
The growing scale and reoccurrence of fraud attacks has increased public awareness of threats, benchmarking a new standard of consumer expectations to be protected from fraud and notified in the event of a breach. A survey found that 75& of respondents expect their banks to inform them of suspicious activity within an hour or less, and 59 % say they should be notified immediately. Meeting these expectations is not an easy task; it is more than just security threat, and it has notable implications on the satisfaction of customers. Suspicious activity is inevitable, and when it happens, a bank should know the best time and channel through which to alarm the customer. How efficiently and effectively a bank detects fraud, combined with the communication to customer at the right time – either as an alert or to request verification of activity establishes trust and a sense of security that maximizes loyalty and ongoing revenue opportunities.
Credit card, small plastic card including a means of identification such as a signature or picture, authorizes the person named on it to charge goods or services to an account for which the cardholder is billed is periodically. Using credit card is really beneficial because you have the opportunity to effectively control your payments which is one of the best advantages of owning and using credit card. When the Credit Card Accountability, Responsibility, and Disclosure Act was put into practice...
Currency has been in existence since long before the Bible, it has been in the of exchange, cash money, coin money, and even nowadays banknotes. But money has been the most useful currency in the world. Money is what makes the planet turn, it has been adapted as a system of society, money is involved in almost everything that human has made. Money helps people to survive buying things that are needed to meet the basic human needs: food, clothes,...
Credit cards is a plastic card that lets you pay for goods or services and can be paid for either at the end of a set period which is normally a month. The minimum payment will be a percentage of the balance on the credit card. It is suitable for buying goods or services. It is also used for convenience and safety as an alternative to using cash. Credit cards, also known as plastic money, have seen a significant increase...
It would be difficult to imagine that people live without credit card in today’s society. Everything could involve that small and thin plastic card. You can use it for paying the tuition fee, shopping, or purchasing daily necessities. Credit card is an incredible game changer. We found that the use of credit card led to a transformation in the business sector. The elevating number of multinational corporations and the growth of the technology indeed contributed to the success of credit...
Have you ever thought of how money started? Well, it all started with bartering. People use to swap their goods for the other persons goods. Bartering turned to coins. The first coin ever minted featured a roaring lion created by King Alyattes in Lydia now known as Turkey. Coins then turned into bank notes around 1661 AD. In 1950 credit cards were then introduced. Money has evolved for the better because there is more control over how much people take...
One of the core principles of the National Health Service (NHS) states that comprehensive services must be available to all irrespective of their sex, religion or financial status. Although this value is widely practiced across the UK, certain disadvantaged groups in the society are not receiving the optimum level of healthcare. In this essay, problems facing unemployed individuals in the UK is discussed. Studies have shown that the mortality rate in all age groups tended to be about two to...
Abstract, This research looks at Fourth industrial revolution and the evolution of industrialization. The fourth industrial revolution has been more disruptive especially with the advances of technology. Humans are now more dependent to technology as a magical formula to make life easier, like access to information, Digital solutions, Physical and biological systems. Modern society has seen three industrial revolution and the fourth industrial revolution will be unpacked and understanding its impact. The current technological trends continue to raise concerns around...
Costco Wholesale can be affected economically through many factors such as, unemployment rate, inflation, consumer debt levels, foreign-currency exchange rates, healthcare costs, reduced consumer confidence, and other economic factors could harmfully affect demand for Costco’s products and services. Prices of certain commodity products, including gasoline and other food products, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and demand, as well as labor costs (Costco Annual Report, 2018). Figure 1: GDP Value...
Empirical evidence indicates that greater central bank independence, freedom “from direct political or governmental influence” (Walsh, 2005: 21), is associated with lower inflation (Fischer, 1995). Although difficult to quantify, Fischer estimates that an increase in the inflation rate from 0 to 10% could cost 2-3% of GNP (Fischer, 1981: 23). This essay firstly examines the time-inconsistency literature, specifically the Barro-Gordon Model (BGM) and Rogoff’s ‘Conservative’ Central Banker. Section 3 then analyses ‘Political Business Cycles’. CB should be able to operate...
01 / 09
Fair Use Policy
EduBirdie considers academic integrity to be the essential part of the learning process and does not support any violation of the academic standards. Should you have any questions regarding our Fair Use Policy or become aware of any violations, please do not hesitate to contact us via firstname.lastname@example.org.
We are here 24/7 to write your paper in as fast as 3 hours.